The Consumer Finance Podcast: Recent Episodes
Troutman Pepper, Chris Willis
The Consumer Finance Podcast provides reliable, insightful, and entertaining industry-specific content central to consumer finance services. Hosted by veteran Troutman Pepper CFS Partner Chris Willis, this podcast features industry experts, insiders, and other Troutman Pepper attorneys delivering easily digestible segments on a variety of topics.
In this special crossover episode of The Consumer Finance Podcast and Hiring to Firing, hosts Taylor Gess, Tracey Diamond, and Emily Schifter map out obligations hiding in plain sight for multistate financial services employers. The conversation covers crafting a legally defensible employee handbook, pay transparency complexities, and wage and hour classification risks. Together, they deliver guidance for banks, fintechs, lenders, and card issuers operating across state lines, in addition to addressing the thorny intersection of earned wage access, remote workers, and the rapidly evolving assortment of AI hiring laws. It is the episode every financial services employer should hear before their next hire, expansion, or employment compliance review.
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In this solo episode of The Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, walks through the recent wave of federal regulatory guidance addressing the role of immigration status in consumer lending and explains why the practical impact on lenders may be far more limited than the public discourse suggests. Chris breaks down what each piece of guidance says, including the Consumer Financial Protection Bureau's reminder that Regulation B permits immigration status considerations in ability-to-repay analyses for mortgages and credit cards, and the banking regulators' safety and soundness and concentration risk warnings. He also addresses the competing litigation risks that complicate a simple return to restrictive eligibility policies. He then turns to the critical practical question: what, if anything, should lenders actually do?
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Taylor Gess is joined by colleagues James Stevens and Sarah Hanna from Troutman Pepper Locke's Corporate and Consumer Financial Services practices to discuss the surge of interest among fintech and point-of-sale finance companies in obtaining bank charters, acquiring existing banks, and forming bank partnerships. With the current administration signaling an open-for-business posture at the federal banking agencies, and the Office of the Comptroller of the Currency (OCC) actively encouraging de novo applications, payment and fintech companies are weighing their options more seriously than they have in years. The conversation covers what is driving the spike in charter applications, including from companies in the crypto, lending, and payments spaces, and how specialty charters are factoring into that trend. James and Sarah also walk through the bank partnership landscape, where enforcement activity has cooled and focus has shifted, and explain how acquiring an existing bank charter compares to starting from scratch on timing, cost, and regulatory complexity. The episode closes with practical guidance for point-of-sale finance companies considering any of these three paths, including why building internal compliance infrastructure early, engaging regulators informally, and retaining regulatory counsel sooner rather than later can make or break a successful launch.
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In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Taylor Gess is joined by colleagues Michael Yaghi and Lane Page from Troutman Pepper Locke's State AG and Regulatory Investigations, Strategy + Enforcement practice groups to discuss the hottest areas of state regulatory activity in the point-of-sale space. With federal consumer protection enforcement pulling back in certain areas under the current administration, state regulatory agencies are stepping into the spotlight to take an industrywide approach to point-of-sale finance. The conversation covers regulatory scrutiny around buy now, pay later (BNPL) products following the CFPB's withdrawal of its interpretive rule, a coordinated seven-state inquiry into the U.S.'s largest BNPL providers, and what providers should be doing now to assess their own compliance posture. They also dig into the solar and home improvement finance sector, where states are challenging fee disclosures and targeting finance provider-merchant relationships, as well as the growing rent-to-own enforcement landscape. The episode closes with a look at what Rohit Chopra's new role leading California's consolidated consumer protection agency could mean for the financial services industry, with both California and New York positioning themselves as state-level successors to the CFPB's prior enforcement mission.
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In this third installment of the special series on servicemember protections, Chris Willis is joined by colleagues Taylor Gess and Jeremy Sairsingh to explore the non-pricing protections under the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA).
The discussion covers the MLA's disclosure and delivery requirements, including the written and oral disclosure obligations that must be satisfied before or at the time credit is extended, and the practical approaches financial institutions use to meet the oral disclosure requirement. The team then turns to the SCRA's broad non-rate protections, walking through litigation protections, collateral protections governing repossessions and foreclosures, and mobility protections that allow servicemembers to terminate residential and auto leases and certain consumer service contracts upon qualifying orders, including the distinction between pre-service and in-service lease terminations and the ongoing DOJ enforcement activity in this space.
The episode also covers the MLA's prohibition on mandatory arbitration clauses and anti-waiver requirements, the SCRA's specific form and timing requirements for valid waivers of servicemember rights, and the MLA's payment and contract term restrictions, including prohibitions on military allotments, prepayment penalties, and remotely created checks. The conversation closes with a discussion of the SCRA's anti-retaliation provision and why the prohibition on adverse treatment following a servicemember's invocation of SCRA rights has important implications for credit reporting, account servicing, and system design.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Erin Edwards and Simon Fleischmann to break down the most significant trends reshaping the consumer finance class action landscape. With a 25% year-over-year increase in federal class action filings and consumer protection claims leading the charge, the stakes are getting higher for financial services companies. The trio covers critical areas from recent cases to highlight information that every in-house legal team needs to understand about class actions, including the significance of precise class definitions and ascertainability, standing and concrete injury, and evidentiary examination. Whether you're managing active litigation or building a proactive defense strategy, this episode delivers the insights and practical checklist you need to navigate the class action wave.
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In this second installment of the special series on servicemember protections, Chris Willis is joined again by colleagues Taylor Gess and Jeremy Sairsingh to explore how the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA) impose pricing restrictions that are far more complex than a standard state usury cap, and why that complexity must be accounted for at the product design stage.
The discussion dives into the practical complexity of each statute's unique definition of interest. The team breaks down how the SCRA's 6% cap applies to pre-service obligations, which fees count toward that cap, and how the requirement to retroactively reduce and forgive, not defer, interest creates significant system-of-record challenges. They also explain how the MLA's Military Annual Percentage Rate (MAPR) differs from a traditional Truth in Lending Act/Regulation Z Annual Percentage Rate, what charges must be included in the MAPR calculation, and how the bona fide fee exception for CARD Act credit cards works in practice.
The episode closes with a discussion of the SCRA's often-overlooked anti-acceleration provision and the regulatory expectation that servicemembers be given the option of a cash refund for forgiven interest rather than automatic principal reduction. Stay tuned for Part 3, which will cover non-pricing protections under these statutes.
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In this episode of The Consumer Finance Podcast, Chris Willis sits down with Jason Cover and Colin Wilson to discuss the evolving world of auto-renewal and subscription compliance, including the FTC's click-to-cancel rule, its Eighth Circuit setback, and the states racing to fill the gap. They also spotlight a first-of-its-kind municipal rule proposed by New York City and explain why, even in a deregulatory environment, UDAP authority and ROSCA mean the compliance pressure hasn't gone anywhere. If your business involves subscriptions, recurring billing, or point-of-sale financing, this is a conversation you can't afford to miss.
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In this kickoff episode of a special series on servicemember protections for The Consumer Finance Podcast, Chris Willis is joined by colleagues Taylor Gess and Jeremy Sairsingh to unpack the fundamentals of the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA) — two laws that remain top enforcement priorities for federal regulators. They explain how these laws are rooted in military readiness and national security, and why that history matters for how regulators, courts, and the Department of Justice view compliance in the consumer credit space today.
The discussion walks through the core building blocks: what types of credit products each law covers, how the SCRA's timing- and remedy-focused framework works, and who qualifies as a "covered borrower" or protected servicemember or dependent under each law. The team highlights practical compliance challenges, including the safe harbors for covered-borrower checks under the MLA, the critical differences between MLA and SCRA status checks, and the risks around repossessions and foreclosures when SCRA protections apply to pre-service obligations.
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In this special crossover episode of The Consumer Finance and Payments Pros podcasts, Carlin McCrory, Keith Barnett, and Chris Willis explore the federal government's increasing attention to "debanking" and what it means for payment processors, money transmitters, banks, and other financial services providers. They discuss recent federal initiatives and agency activity that have heightened scrutiny of decisions to onboard, maintain, or terminate customers and merchants, particularly where those decisions may be perceived as based on political or religious viewpoints.
The conversation highlights emerging regulatory theories about when debanking could be treated as an unfair practice, and how those theories align with existing statutory and case law frameworks. The group also examines the interaction between legitimate risk management under the BSA and reputational risk.
They close with practical takeaways for the industry, including the importance of revisiting risk and onboarding practices, aligning those practices with evolving regulatory expectations, and maintaining clear documentation to support decisions about customer and merchant relationships in a changing oversight environment.
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In this episode of The Consumer Finance Podcast, Chris Willis and Kim Phan unpack Colorado's brand-new Automated Decision-Making Technology (ADMT) Act, which repeals and replaces the state's much-criticized 2024 AI law. They explain the shift from "high-risk AI systems" to the broader ADMT framework, what it means for consequential decisions in lending and financial services, and how the statute's "material influence" standard can sweep in tools that do far more than make final credit determinations.
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In this episode of The Consumer Finance Podcast, Chris Willis, Lori Sommerfield, Taylor Gess, and Lane Page discuss the CFPB's sweeping final amendments to Subpart A of Regulation B. The group unpacks the elimination of the disparate impact legal theory from ECOA, the narrowing of the discouragement standard (including what it means for targeted advertising), and the significant new limits on special purpose credit programs (SPCPs). They also explore expected litigation challenges, the continuing role of the Fair Housing Act and state laws in bringing cases under the disparate impact theory, and the practical steps lenders should be taking now to reassess fair lending testing, SPCP design, and redlining risk in light of the final rule.
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In this episode of The Consumer Finance Podcast, Chris Willis talks with Dan Smith, president and CEO of the Consumer Data Industry Association, about current challenges and changes in the U.S. consumer reporting system. They discuss how reliable credit information supports fair lending decisions and helps lenders understand a borrower’s ability to repay. The conversation touches on rising FCRA litigation, new state efforts affecting what can appear on credit reports — especially medical debt — and the growing issue of “credit washing,” where large volumes of questionable disputes can hide accurate information and slow resolution of real errors. The episode also highlights the importance of working with regulators and policymakers to preserve a nationwide credit reporting system that is complete, accurate, and consistent in supporting responsible lending and access to credit.
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In this installment of The Consumer Finance Podcast's point‑of‑sale finance series, Chris Willis is joined by colleagues Jason Cover and Taylor Gess to break down how electronic contracting really works in modern point‑of‑sale credit programs. They explain the interplay between state Uniform Electronic Transactions Act (UETA) laws and the federal E‑SIGN Act, including when you need formal E‑SIGN consent, how E-SIGN preemption of state UETA adoptions operates, and the general rule of validity. The conversation walks through practical design issues for online and mobile flows, clear and conspicuous disclosures, and "click‑to‑agree" mechanics, as well as pitfalls like relying on E‑SIGN where a statute still requires a specific delivery method. The episode closes with a forward‑looking discussion about agentic artificial intelligence, how existing "electronic agent" concepts in UETA and E‑SIGN may apply, and what point‑of‑sale creditors should be watching as technology and contracting practices evolve.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Stefanie Jackman and Brent Hoard to take a close look at the world of medical debt collection. The discussion covers how HIPAA applies to medical debt, what it really means to be a "business associate," and common privacy challenges that can turn routine collection efforts into regulatory headaches. They also focus on key federal and state debt collection regimes, including the FDCPA, the No Surprises Act, and increasingly complex credit reporting requirements. The group provides insight on collection strategies for health care providers and third-party collectors that are both compliant and workable in practice. For anyone handling medical-related receivables, this episode serves as a practical guide to safeguarding patient information, maintaining tax-exempt status, and enhancing collections while staying within regulatory boundaries.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Joe DeFazio, Brad Knapp, and Punit Marwaha for a practical introduction to consumer bankruptcy from the creditor’s perspective. The panel walks through the core bankruptcy chapters that consumer financial services companies encounter most often and explains how the automatic stay, co-debtor stay, and discharge injunction operate in real-world servicing and collection environments. They discuss treatment of secured and unsecured debts, reaffirmation agreements, and hot-button issues like the dischargeability of qualified education loans. The conversation also highlights common traps for mortgage servicers, auto lenders, and unsecured creditors, including repossessions, garnishments, foreclosure timing, and plan objections, as well as preference actions and clawbacks.
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In this joint episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess is joined by Stefanie Jackman to discuss amended debt collection regulations and restrictions for creditors, including tight communication limits and enhanced validation requirements. The conversation dives into the rise of coerced debt statutes, shortcomings of traditional identity theft frameworks, and how creditors should adjust training, intake, and escalation protocols to avoid reputational and legal risk. The discussion also explores state medical debt reporting bans, the preemption challenges, and cautious furnishing in the FCRA landscape.
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In this special joint episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess joins Chris Willis and Lori Sommerfield to unpack fair lending risks in point-of-sale finance. They explain how traditional fair lending concepts under the Equal Credit Opportunity Act and Fair Housing Act play out when merchants interact directly with consumers, highlighting risks around discouraging credit applications, discretionary offers, differential assistance, and steering between prime and subprime products. The conversation explores practical risk mitigation tools, such as standardized sales scripts and consumer disclosures, merchant training, and attorney-directed mystery shopping, along with lessons drawn from unfair or deceptive acts or practices enforcement in point-of-sale settings.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mark Furletti, James Stevens, and Taylor Gess to unpack the surge in bank charter applications from fintechs, crypto firms, and even traditional community banking entrepreneurs. The panel explores the appeal of national trust banks and industrial banks, as well as access to Fed payment rails and stablecoin issuance. They walk through the impacts of charter type, location, interest rate "exportation," and preemption of state usury laws, including the nuanced role of branch-state activities. The conversation also offers a look at life inside the regulatory perimeter — exams, board oversight, and evolving supervisory focus — so nonbanks can realistically assess both the benefits and challenges of pursuing a bank charter in today's regulatory environment.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Chad Fuller and Virginia Flynn for a practical, forward-looking discussion of the TCPA landscape as part of the CFS Year in Review and Look Ahead series. They explain how courts' reduced reliance on agency interpretations is creating both opportunity and uncertainty, why plaintiffs' attorneys are shifting hard toward do-not-call (DNC) and prerecorded-message theories, and how ongoing battles over consent, revocation, and text-message exposure are changing class action risk. The conversation closes with guidance for in-house counsel on tightening DNC compliance, managing vendors, and structuring consent and opt-out processes.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Consumer Financial Services Partners Stefanie Jackman and Nicholas O'Conner to dissect the shifting risk landscape for servicers, collectors, and debt buyers as federal scrutiny eases and state regulators surge to the forefront. As a segment of the Year in Review and Look Ahead series, the trio talks about Reg F's post-Loper Bright staying power, the explosive growth of state medical debt restrictions and FCRA preemption battles, and the rapid spread of coerced debt/economic abuse statutes reshaping account handling. They also explore the evolving role of debt settlement companies and their use of AI, in addition to offering practical tips on building national policies and procedures to prepare for the next wave of litigation and enforcement.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Heryka Knoespel and Mary Zinsner for a year-in-review and look-ahead tour through the sometimes wild world of UCC and banking litigation. From check cashers and sovereign citizens to elder financial exploitation, the panel unpacks the major trends banks faced in 2025, including a steady stream of retail deposit disputes and increasingly inventive plaintiff theories to recover funds — often running headlong into the UCC's traditional allocation of risk.
Against this backdrop, they discuss where courts have drawn (and redrawn) the yellow brick road, largely reaffirming core UCC principles and delivering significant wins for financial institutions. Looking ahead to 2026, the panel explores how rapidly evolving scams — many powered by AI — will continue to test banks' defenses, why plaintiffs' attorneys may find that the UCC "gets them… and their little dogs, too," and how institutions can rely on the predictability of the UCC's allocation of risk and safe harbors to recognize and respond to emerging litigation patterns.
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In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield unpack the rapid reshaping of the fair lending and UDAAP regulatory enforcement landscape as part of the Year in Review and Look Ahead series. They cover the federal government's efforts to roll back use of the disparate impact theory, reduce redlining and other enforcement actions, and implement the new debanking initiative, along with the CFPB's evolving expectations concerning ECOA and Section 1071, and growing state-level oversight as state attorneys general, state regulators, and new state AI/disparate impact regimes fill the federal gap. With long statutes of limitations and 2026 rulemakings ahead, they underscore why financial institutions cannot relax fair lending and UDAAP compliance, even amid apparent federal retreat.
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In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Consumer Financial Services Practice Group leadership Michael Lacy and Simon Fleischmann to preview the firm's annual Consumer Financial Services Year in Review and Look Ahead publication. They describe how the publication provides concise summaries of the past year's key trends, cases, and regulatory developments — along with informed predictions for 2026 and beyond — across areas such as consumer class actions, bankruptcy, credit reporting, digital assets, mass arbitration, mortgage and auto finance, payment processing, and privacy and data security. They also introduce an upcoming companion podcast series featuring several of the publication's section authors.
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In this episode of The Consumer Finance Podcast, host Chris Willis examines signs that the CFPB is reactivating its supervisory and enforcement functions after a period of relative inactivity. The discussion notes reports that the CFPB plans to restart supervisory exams — likely remote, less burdensome, and focused on large banks — and raises questions about whether those exams will address debanking, despite the CFPB's limited jurisdiction over nonconsumer banking relationships. The conversation also underscores that some previously dormant enforcement investigations are being revived, indicating a return to a more active CFPB.
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In this special joint episode of The Consumer Finance Podcast and Payments Pros, Taylor Gess and Kim Phan discuss key privacy and data security risks in point-of-sale finance. They dive into regulators' growing view that every player in the payments chain shares responsibility for protecting data, highlighting best practices for vendor management, PCI DSS oversight, and incident response planning. The episode also touches on the shifting patchwork of state privacy and breach notification laws, GLBA exemptions, and the risks of data monetization, including when packaging and selling transaction data can trigger Fair Credit Reporting Act obligations.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Taylor Gess, Jason Cover, and Caleb Rosenberg explore the heightened attention from regulators and legislators on small business finance programs and trade credit. They discuss the growth of fintech-driven and embedded business-to-business financing, the shift from simple trade credit to more complex installment and term products, and how these offerings increasingly trigger disclosure, registration, rate cap, and fair lending requirements — sometimes even pulling in federal rules like Reg E and Reg B when consumer accounts are involved. This episode also emphasizes the expanding structure of state commercial financing laws in California, Texas, and other states, with a focus on new disclosure regimes, and novel consumer-type protections.
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In this special joint episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess talks to Troutman Pepper Locke colleagues Stefanie Jackman, Caleb Rosenberg, and Jeremy Sairsingh about student lending and income share agreements (ISAs). They highlight the "One Big Beautiful Bill" and its sweeping overhaul of federal student loan repayment options and borrowing caps, break down differences between ISAs and traditional loans, and explain why state lawmakers and regulators are increasingly focused on these products. The episode also includes practical takeaways on licensing, servicing, and the potential future of credit reporting for private student loans and ISAs, offering industry participants a roadmap for navigating both federal and state-level changes.
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In this special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis is joined by colleagues Lori Sommerfield and Matthew Berns to discuss New Jersey's sweeping new disparate impact regulations under the Law Against Discrimination. They break down one of the most comprehensive state-level disparate impact rules in the U.S., the contrasts with traditional federal standards, and implications for enforcement in financial services. The discussion dives into credit scores, underwriting models, AI and automated decision-making tools, and the difference between New Jersey's approach and the Trump administration's effort to scale back disparate impact at the federal level, offering practical takeaways for lenders and other covered entities navigating this shifting landscape.
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In this episode of The Consumer Finance Podcast, host Chris Willis is joined by his colleague Lou Manetti from the firm's Chicago office to unpack a significant new Illinois Supreme Court decision on standing in consumer cases based on federal statutes. Chris and Lou walk through the court's FCRA "receipt truncation" ruling, explaining how Illinois — long thought to have more generous standing rules than federal court — has now imported a "concrete injury" requirement for common-law standing where the statute does not expressly confer a right to sue. The discussion compares Illinois' approach to federal Article III jurisprudence and explores how the court distinguished between statutory and common-law standing, why FCRA did not qualify for statutory standing, and what counts (and doesn't count) as a concrete injury. Lou also outlines the practical implications for FCRA, FDCPA, TILA, and RESPA litigation in Illinois state courts, including the reduced payoff from forum shopping after federal standing dismissals and new avenues for defense motions challenging bare procedural violation cases that lack real-world harm.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess dives into the rapidly evolving world of point-of-sale financing for medical and dental procedures with Troutman Pepper Locke Partners Jason Cover, Brent Hoard, and Erin Whaley. They unpack how HIPAA, business associate relationships, and information-sharing structures can impact financing programs in clinical settings. They explore state-level trends in California, Illinois, and New York, including new restrictions on provider involvement in financing, promotional offers, and payments. The discussion also highlights emerging risks around website tracking technologies, payment portals, and wiretapping-style lawsuits targeting digital health and payment ecosystems. Listeners will come away with a practical framework for structuring medical and dental financing arrangements, managing disputes, and anticipating the next wave of state-level regulation and enforcement.
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In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Troutman Pepper Locke Partner Lori Sommerfield and Relman Colfax Co-Managing Partner Stephen Hayes for a candid discussion about how redlining has traditionally been defined, how redlining was defined and applied during the Biden administration, and how it may return under a future administration or in cases brought by state regulators or private litigants. This episode further explores the tension between the standards set forth in enforcement actions and those applied in supervisory examinations, and the role of statistical analysis and HMDA data in redlining cases. The podcast also tackles issues like digitally targeted advertising and what shifting regulatory priorities under the current administration may mean for future redlining enforcement risk, offering a balanced look at where redlining law has been — and where it may be headed next.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Ted Augustinos and Kim Phan to introduce The Money Matrix, an upcoming webinar series helping financial institutions navigate privacy, data security, and AI in today's complex digital landscape. The teaser highlights strategies to secure financial data, overcome barriers to adopting AI, and stay ahead of regulatory trends. Each session offers practical guidance to help teams like Neo, Trinity, and Morpheus remain innovative, compliant, and trusted. The series explores how financial institutions can balance innovation with data privacy while leveraging AI responsibly.
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In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Troutman Pepper Locke Partner Lori Sommerfield and Charles River Associates VP and Practice Leader of Financial Economics Marsha Courchane to discuss the current administration's "debanking" initiative established through Executive Order 14331. They discuss key actions taken by federal agencies to implement it, expectations for financial institutions and small business lenders to conduct internal reviews, regulatory reporting deadlines, and consequences for noncompliance. This episode also features practical tips on tools and technology that institutions/small business lenders can use to facilitate conducting debanking reviews and highlights the tension between the debanking initiative and financial institutions' need to comply with the Bank Secrecy Act and other federal anti-money laundering laws.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Jason Cover sits down with Brooke Conkle and Caleb Rosenberg to demystify the Federal Trade Commission's Holder Rule and its day‑to‑day impact on point‑of‑sale (POS) finance programs. They explain why creditors and assignees inherit customers' claims and defenses against merchants, what transactions are in scope and out of scope, how liability is generally capped at amounts paid (and why attorneys' fees remain a live issue), and how merchant/vendor/dealer agreements can shift risk back to sellers. The conversation turns practical with a compliance toolkit: robust upfront diligence, continuous monitoring of merchant and consumer complaints (including requiring merchants to forward complaints), and a risk‑based response that separates meritless claims from those requiring redress. The panel also highlights enforcement and litigation trends and why, at 50 years old, the Holder Rule remains bedrock law that POS lenders cannot ignore, even as strong contracts and oversight materially mitigate exposure.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Jason Cover, Mark Furletti, and Andrew Thurmond return to unpack the complex landscape of residential solar finance. They highlight practical complications lenders face with home improvement projects involving power purchase agreements, leases, tax credit, retail installment contracts, renewable energy certificates, and more. The discussion also provides insight on trends in the solar industry, bankruptcy, the rise of solar disclosure requirements and state-level oversight, and compliance measures to mitigate risk.
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In this special crossover episode of The Consumer Finance Podcast and Payments Pros, host Jason Cover is joined by colleagues Taylor Gess and Andrew Thurmond to unpack the legal and operational complexities of home solicitation and home improvement finance. The conversation analyzes the Federal Trade Commission’s Cooling-Off Rule and state analogs, highlighting practical pitfalls around oral and written cancellation notices, dealer obligations, and extended rescission periods or differing notice requirements in certain jurisdictions. The team explores how funding timing, change orders, electronic contracting, and foreign-language sales can impact risk.
They also dive into contractor and home improvement laws, e.g., down payment and progress payment restrictions, licensing, and conspicuous disclosure obligations plus state home improvement financing acts that may impose registration requirements, finance charge or fee limits, and specialized disclosures. The episode offers practical insights on issues to consider when doing business as in-home sales or under home improvement/contractor laws.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Jason Manning, Angelo Stio, and Rob Jenkin to unpack the surge of litigations arising from the use of tracking technologies (e.g., cookies, pixels, and session tools) on websites. This episode explains how plaintiff firms are repurposing federal and state wiretap and “trap-and-trace” laws, as well as the Video Privacy Protection Act (VPPA), to assert claims associated with a business’s use of tracking technologies without consent.
The Troutman attorneys tackle the state law statutes and the federal Electronic Communications Privacy Act (ECPA) that plaintiffs typically rely on, the statutory damages that may be available, and the defenses and mitigation options to prevent and combat the claims being pursued, including the use of consent banners, transparent disclosures, the supervision of vendors, and regular audits of the tracking technologies being deployed and the information being shared. Tune in for a concise, actionable guide to reducing litigation risk while maintaining marketing and analytics capabilities.
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In this insightful crossover episode of The Consumer Finance Podcast and Payments Pros, host Jason Cover is joined by colleagues Mark Furletti and Taylor Gess to explore the complexities of home improvement finance. The discussion delves into the unique risks associated with point-of-sale financing in the home improvement sector, such as contractor oversight issues, promotions, and the intricacies of state and federal regulations. Gain valuable insights into best practices for lenders and finance companies to mitigate these risks, ensure compliance, and protect consumers. This episode offers essential guidance on navigating the evolving landscape of home improvement finance.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Jason Manning and Carter Nichols to explore the intricacies of the Servicemembers Civil Relief Act (SCRA). As the current administration emphasizes the protection of servicemembers, understanding the SCRA's provisions is more crucial than ever. The discussion covers the array of legal protections offered to active duty military members, reservists, and National Guard members, including interest rate caps, eviction protections, and lease terminations. The episode also delves into the complexities of active duty status and the differences between the SCRA and the Military Lending Act. With a surge in litigation and regulatory scrutiny, this episode provides timely insights for financial institutions navigating compliance and litigation risks. Tune in to grasp the nuances of these critical statutes and their implications for the consumer finance industry.
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In this engaging crossover episode of The Consumer Finance Podcast and Payments Pros, host Taylor Gess is joined by colleagues Jason Cover, Andrew Thurmond, and Samer Roshdy to explore the complexities of contracting with merchants and dealers in the point-of-sale finance sector. The discussion highlights the diverse needs of merchants and finance administrators, the impact of industry-specific regulations, and the importance of clear contractual terms. Discover the common pain points in negotiations, the role of regulatory compliance, and the evolving nature of contracts in this dynamic space. Gain valuable insights into how businesses can effectively manage these relationships and ensure compliance with state and federal laws.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Lori Sommerfield and James Stevens to delve into the implications of President Trump's Executive Order 14331, "Guaranteeing Fair Banking for All Americans." This order aims to eliminate politicized or unlawful de-banking practices by prohibiting financial institutions from denying access to banking services based on political, religious, or ideological beliefs. The trio discusses the historical context of de-banking, tracing its roots back to the Obama-era Operation Choke Point, and explores the current regulatory landscape shaped by the executive order. They analyze the directives issued to federal agencies, including the Small Business Administration and the Office of the Comptroller of the Currency, and the potential risks and challenges facing financial institutions. Tune in to understand how this regulatory push will likely impact the banking industry and what steps institutions can take now to mitigate risks.
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In this insightful crossover episode of The Consumer Finance Podcast and Payments Pros, host Taylor Gess is joined by Joseph Reilly and Paul Boller to explore the intricacies of state licensing in the point-of-sale finance sector. The discussion delves into the distinctions between licensing and notification requirements, the role of sales finance agencies, and the implications for third-party facilitators and direct lenders. Gain insights into how state-specific regulations impact nonbank entities and learn about the unique challenges sellers and third-party providers face in navigating these regulatory landscapes.
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In this crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory is joined by colleague Kim Phan to discuss the Consumer Financial Protection Bureau's (CFPB) recent developments regarding Section 1033 of the Consumer Financial Protection Act (CFPA). This summer, the CFPB initiated a new rulemaking process, inviting industry comments on its final rule concerning personal financial data rights. With a deadline of October 21 for public comments, industry participants are encouraged to weigh in on access to consumer financial information.
Kim and Carlin discuss the strategic implications of the CFPB's reconsideration of the 1033 open banking rule, highlighting the agency's focus on consumer representatives, privacy, security, fee structures, and compliance timelines.
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In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis is joined by Joseph DeFazio, Bill Foley, and Michael Yaghi to discuss the implications of New York's FAIR Act, a significant amendment to the state's UDAAP statute. The FAIR Act aims to broaden consumer protection by lowering the threshold for legal action against unfair and abusive business practices. With expanded enforcement powers for the state, this legislation could dramatically increase litigation risks for financial services companies operating in New York if the governor signs the bill. Tune in to understand how this legislative shift might affect the industry and what steps businesses can take to prepare.
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In this insightful crossover episode of The Consumer Finance Podcast and Payments Pros, host Jason Cover is joined by Mark Furletti and Jeremy Sairsingh to delve into the intricate world of credit card rewards programs. Discover the various types of rewards, from points-based systems to cashback and travel miles, and learn how these programs are funded. The episode also explores regulatory perspectives, including recent CFPB guidance and state-specific laws affecting rewards programs.
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In this episode of The Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke’s Consumer Financial Services Regulatory practice, delves into the intricacies of corporate restructuring with Alex Rovira, a partner in the Bankruptcy + Restructuring group. They explore two key strategies — optimization restructuring and liability management transactions — that financial services companies can employ to isolate liabilities and enhance asset value. Learn how these methods can help businesses manage distress, improve credit lines, and maintain operational efficiency amid regulatory challenges and market fluctuations. Tune in for insights on aligning business structures and leveraging balance sheet adjustments to navigate financial complexities effectively.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Jason Cover is joined by Mark Furletti, Taylor Gess, and Jeremy Sairsingh to discuss the intricate world of credit cards. Whether plastic, metal, or digital, credit cards have significantly evolved over time, along with their regulations. This episode examines the historical roots, modern functionalities, and the regulatory landscape that governs credit cards. Discover how innovations like buy now, pay later models are reshaping consumer credit, and gain insights into the future of credit card regulation.
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In this episode of The Consumer Finance Podcast, Chris Willis and Louis Manetti delve into the evolving legal landscape surrounding the statute of limitations for mortgage foreclosures in Illinois. With recent cases challenging long-held assumptions, lenders face new uncertainties. This discussion provides insights into how these cases could set binding precedents, potentially altering foreclosure practices statewide. Tune in to understand the implications for lenders and servicers and learn strategies to navigate these legal challenges effectively.
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In this episode of The Consumer Finance Podcast, Chris Willis, Heryka Knoespel, and Lori Sommerfield discuss overdraft and deposit account fees as they continue to dive into the CFPB's guidance withdrawal. They highlight the regulatory and litigation impacts of the rescinded guidance and its impact on banks and financial institutions, particularly in terms of compliance burdens and fee income, while also weighing potential reputational risks and operational challenges that may arise if policy changes follow the CFPB's withdrawn guidance. This episode also emphasizes the importance of financial institutions being prepared to defend against lawsuits, specifically those related to Regulation E and affirmative consent.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, guest host Taylor Gess is joined by Jason Cover and Jeremy Sairsingh to discuss buy now, pay later (BNPL) products as they continue to dive into the Point-of-Sale Finance Series. They highlight the complexities of BNPL offerings and the transformation of these payment models with varying fee structures and repayment terms. As these BNPL products mature, they challenge traditional definitions and regulatory frameworks, prompting a closer look at how consumers and providers are adapting to this financing option and its effects. With continuous industry innovations, regulators are working to keep pace, raising questions about the future direction of BNPL regulation and its impact.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by veteran litigators Jason Manning and Carter Nichols to explore litigation implications following the CFPB's withdrawal of nearly 70 pieces of informal guidance earlier this year. The discussion examines how this significant shift impacts private litigation, particularly in cases where courts previously relied on these guidance documents, opening new avenues for legal arguments and challenges in a landscape where statutory interpretation and legal strategy become paramount with opportunities to redefine precedents and discover uncharted legal territories. The episode underscores the evolving nature of consumer finance litigation and the strategic considerations that come with these regulatory changes.
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In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess expand on the Point-of-Sale Finance Series to focus on leases and rent-to-own (RTO) models. This conversation spotlights the legal frameworks and best practices for structuring these models and integrating alternative financial options into point-of-sale offerings for goods and services. They also discuss market trends driving the creation of innovative products that are becoming increasingly popular, including virtual RTOs, solar panel leasing, and short-term renewable transactions for ride-share programs.
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In this special joint episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory Practice, is joined by Keith Barnett and Jason Cover from the Payments Pros podcast, along with Troutman Pepper Locke Consumer Financial Services Partner Mark Furletti. They discuss the future of earned-wage access (EWA) products following the Consumer Financial Protection Bureau's (CFPB) rescission of previous guidance. The conversation explores the history and evolution of EWA products, initially designed as employer-based solutions to provide employees early access to earned wages without extending credit.
The group highlights regulatory challenges, including the CFPB's changing stance and the impact of state laws on EWA offerings. They examine how these products are structured to avoid being classified as credit, focusing on optional fees and the absence of repayment obligations. The discussion also addresses the legal landscape, noting potential state-level regulatory landmines and private litigation. The episode emphasizes the importance for fintechs and payroll processors to navigate these complexities carefully, especially in states with stringent regulations like California and New York. The podcast concludes with insights into the future of EWA, stressing the need for compliance with evolving state and federal laws.
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by veteran litigators and Troutman Pepper Locke Partners Mary Zinsner and Heryka Knoespel to dissect a groundbreaking Fourth Circuit decision on bank liability in wire transfer fraud cases. The ruling clarifies the actual knowledge standard under the Uniform Commercial Code, rejecting negligence-based liability and safeguarding the speed and efficiency of the banking system. Discover how this decision impacts future litigation and the banking industry's approach to fraud prevention.
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In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Carlin McCrory and Jason Cover are joined by their colleague Caleb Rosenberg to explore the evolving landscape of small business financing. They highlight the significant growth in diverse financing products and providers, which have expanded funding access for small businesses, particularly startups.
The discussion outlines the evolution from traditional bank lending to the rise of online and fintech solutions, which have filled gaps left by conventional lenders. The group also examines the complexities of the regulatory environment, focusing on the increased scrutiny from state legislatures and the introduction of consumer-like disclosure requirements for small business lending.
Additionally, they consider the impact of recent legislative changes in states like Texas and Louisiana, which could transform financing practices. The conversation includes best practices for structuring and servicing financial products while also speculating on future regulatory trends and the potential influence of federal oversight by the FTC.
In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess continue the Point-of-Sale Finance Series to discuss licensed lending and bank model lending programs. This conversation dives into the benefits, challenges, and regulatory landscapes that shape these popular lending models for financial institutions and fintechs. Consumer finance providers will gain valuable insights on structuring successful lending partnerships in today's complex environment.
In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the latest regulatory, legislative, and litigation developments under the Americans with Disabilities Act (ADA), as accessibility of digital platforms and mobile applications increasingly become crucial for consumer finance providers. This episode covers the DOJ's guidance on website accessibility, evolving Web Content Accessibility Guidelines, potential legislative solutions, and the risks of private litigation amid a surge in lawsuits alleging violations of the ADA. With a focus on litigation trends and risk mitigation strategies, this discussion is vital for businesses striving to ensure compliance and protect their digital assets in a complex legal environment. Gain practical insights on assessing and improving website accessibility and learn how to establish a robust ADA risk management program to shield your business from potential legal challenges.
In this special crossover episode between Moving the Metal and The Consumer Finance Podcast, Brooke Conkle, Chris Capurso, and Chris Willis analyze the first 100 days of the second Trump administration, focusing on its impact on the auto-finance industry. They discuss the anticipated enforcement slowdown by the Consumer Financial Protection Bureau (CFPB), unexpected halts in supervisory activities, and leadership changes at the Federal Trade Commission and CFPB. The conversation highlights the administration's focus on consumer fees, the evolving role of state regulators, and shifts in discrimination theories impacting compliance practices. This episode provides insights into strategic regulatory changes and offers guidance for navigating the complexities of the auto-finance sector in 2025.
In this special crossover episode between FCRA Focus and The Consumer Finance Podcast, Kim Phan, Dave Gettings, Chris Willis, and Cindy Hanson explore the recent withdrawal of Consumer Financial Protection Bureau (CFPB) guidance affecting the Fair Credit Reporting Act (FCRA). This episode provides a comprehensive analysis of how these changes impact key areas such as preemption, background screening, permissible purpose, artificial intelligence, and state attorneys general enforcement actions. The discussion highlights the implications for consumer reporting agencies, furnishers, end-users, and the broader regulatory landscape, offering valuable insights for professionals navigating these evolving challenges. Tune in to understand the potential shifts in compliance and enforcement.
In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess unravel the often-confused distinctions between loans and credit sales in the first installment of our Point-of-Sale Finance Series. This episode sheds light on the regulatory nuances that impact the delivery of financial products. From the historical backdrop of Retail Installment Sales Acts to the modern-day challenges of terminology, the conversation offers a comprehensive overview of the pros and cons of retail installment contracts and direct loans. Whether you're a seasoned professional or new to consumer finance, this discussion will enhance your understanding of these pivotal financial structures.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Cover to introduce an upcoming special series focused on point-of-sale finance, a rapidly evolving sector in consumer financial services. This teaser provides a sneak peek into increasingly popular topics that will be discussed throughout the series, including innovative point-of-sale finance solutions such as payment methods beyond traditional credit and debit cards, in addition to a diverse range of products and the dynamic interactions between fintech lenders, financial institutions, and merchants. The series will also explore foundational concepts and specific models across various industries, such as home improvements and medical financing, setting the stage for a deep dive into the transformative impact of point-of-sale finance on consumer transactions.
In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the Consumer Financial Protection Bureau's (CFPB) recent withdrawal of more than 60 pieces of informal guidance, focusing on those related to fair lending and unfair, deceptive, or abusive acts or practices (UDAAP) issues. This conversation highlights key pieces of guidance that have been rescinded, including those concerning adverse action notices and abusive practices, in addition to insights on how these developments might influence the CFPB's enforcement priorities moving forward. This episode is part of a series across multiple podcasts from our Consumer Financial Services practice regarding the recent CFPB advisory withdrawals, and their impact in various areas.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Lindsey Kress and Regina McClendon to analyze the complexities of the California Consumers Legal Remedies Act (CLRA). The discussion highlights recent amendments, including the prohibition on drip pricing, and examines strategic approaches for businesses facing potential litigation under this statute. With a focus on understanding the CLRA's unique provisions and defenses, the episode offers valuable guidance for companies navigating consumer protection challenges in California, along with addressing class action risks and safe harbors.
In this crossover episode of The Consumer Finance Podcast and Regulatory Oversight, Chris Willis, Kim Phan, and Stephen Piepgrass provide insights on a new joint privacy task force among several state AGs, known as the Consortium of Privacy Regulators. The consortium recently outlined goals to share state resources and align enforcement priorities regarding consumer harm and privacy rights. In response to an anticipated shift of regulatory scrutiny from federal agencies to state leaders, this episode focuses on specific steps financial services companies should consider when dealing with consumer privacy, data, complaints, and inquiries to ensure compliance and mitigate potential investigations and enforcement actions.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke Partners Joseph DeFazio and Jason Manning, along with Alison Grounds, founder and managing partner of Troutman Pepper Locke's award-winning eDiscovery subsidiary, eMerge to discuss the evolving capabilities and advantages of eDiscovery. This episode highlights the significance of efficient processes in streamlining document review to enhance legal strategies, including setting clear policies for electronically stored information (ESI) and analyzing vast volumes of digital data with accuracy. As the use of AI becomes more prevalent across the consumer financial services industry, the speakers underscore the impact of leaning into eDiscovery and innovation to help uncover critical evidence early in litigation and response plans, as well as during regulatory investigations.
Join us for a special crossover episode of The Consumer Finance Podcast and Regulatory Oversight, where Chris Willis, Kim Phan, and Gene Fishel delve into the evolving world of state AI legislation. As AI becomes a pivotal tool in the financial services industry, understanding the implications of new laws is crucial. This episode focuses on Colorado's comprehensive AI law and its potential influence on other states, exploring key issues such as algorithmic discrimination, privacy, and cybersecurity. Gain insights into best practices for compliance and learn how state attorneys general are stepping up enforcement in the absence of federal action. Don't miss this informative discussion bridging consumer finance and regulatory oversight.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump administration. First, we unpack the Consumer Financial Protection Bureau's (CFPB) surprising move to vacate its own redlining consent order with Townstone Financial, Inc. We then analyze the Federal Housing Finance Agency's (FHFA) dramatic policy shift requiring two government sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac) to terminate special purpose credit programs (SPCPs), as well as the broader implications for mortgage lenders. Join us for the twists and turns of this evolving fair lending regulatory landscape and learn what steps institutions should consider taking to mitigate risks.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Megan Burns, Jason Manning, and Punit Marwaha to explore the arcane world of reverse mortgages. They provide valuable insights about how these unique financial products work, the regulatory landscape, and the litigation hurdles faced by reverse mortgage servicers. Listen to this episode to hear real-life examples highlighting the complexities reverse mortgage servicers may face when dealing with reverse mortgages, including loan origination requirements, the involvement of the U.S. Department of Housing and Urban Development, Federal Housing Administration guidelines, alleged third-party fraud, and the sensitivity around elderly borrowers.
In this episode of the Consumer Finance Podcast, Chris Willis, co-leader of Troutman Pepper Locke's Consumer Financial Services Regulatory practice, delves into the current state of machine learning and artificial intelligence (AI) models in underwriting and fraud detection. Chris provides an overview of the regulatory expectations set by the Consumer Financial Protection Bureau, including the historical context and recent developments. He discusses the importance of fair lending considerations, the use of less discriminatory alternative analysis, and the skepticism around certain types of alternative data. Chris also explores the potential impact of state regulations and the need for a long-term approach to fair lending risk. Tune in to stay informed about the evolving landscape of AI and machine learning in consumer finance.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Jesse Silverman and James Kim to discuss recent developments in New York's legislative efforts to strengthen its consumer financial protection laws. They delve into the recently introduced Fair Business Practices Act, which borrows aspects of the Dodd-Frank Act and seeks to expand the New York Attorney General’s powers to mirror those of the Consumer Financial Protection Bureau (CFPB), and its potential impact on businesses and consumers. The discussion highlights the broader trend of states stepping up their consumer protection efforts in response to perceived federal regulatory relaxation. The episode also explores the increasing cooperation and personnel exchange between the CFPB and state regulators, emphasizing the growing influence of state-level enforcement in the consumer financial services landscape. Tune in to understand the implications of these legislative changes and how they might shape the future of consumer financial protection.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Joe Reilly, a partner in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss the events of the first two months of the new Trump administration. They provide a comprehensive overview of the current status of the Consumer Financial Protection Bureau (CFPB), its litigation matters, and its rulemaking efforts. Chris and Joe discuss the significant changes at the CFPB, including the appointment of new acting directors, the impact of the administration's directives on CFPB employees, and the ensuing legal battles. They also explore the status of key rulemakings, such as the 1071 Small Business Data Collection Rule, the overdraft rule, and the credit card late fee rule, offering insights into the potential future of these regulations. Tune in to stay informed about the latest developments in consumer financial services regulation and what they mean for the industry.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Matt Hansen, Jason Manning, and Michael Lacy, partners in Troutman Pepper Locke’s Consumer Financial Services practice group, to discuss the use of mock jury exercises in consumer financial services litigation. They explore what mock jury exercises are, why they are used, and the benefits they provide in preparing for trial. The conversation covers the timing and implementation of these exercises, the insights gained from them, and real-life examples of how they have influenced case outcomes. Tune in to learn how mock jury exercises can help legal teams refine their strategies and improve their chances of success in court.
In this special joint edition of the Crypto Exchange and the Consumer Finance Podcast, host Ethan Ostroff is joined by colleagues James Kim and Chris Willis to discuss the anticipated regulatory approaches to digital assets by the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and state agencies following the recent change in administration in Washington.
The group begins the discussion with the CFPB's actions in the end of 2024 and into 2025, particularly focusing on the digital payments larger participant rule (LPR). The discussion shifts to the FTC's expected role in addressing consumer fraud in the crypto space.
The episode concludes by looking ahead to the anticipated, proactive role of state regulators, including the New York Department of Financial Services, in filling the potential void left by the CFPB by enforcing state laws, as well as federal consumer financial laws under Dodd-Frank.
In this final episode of our Year in Review series, Chris Willis is joined by colleagues David Anthony, Stefanie Jackman, and Jonathan Floyd to discuss the year in review and look ahead for debt collection. They provide crucial updates on significant developments in 2024, including the heightened regulatory focus on medical debt at both federal and state levels, and the implications of the Consumer Financial Protection Bureau's (CFPB) uncertain future. The team also explores the impact of the Supreme Court's Loper Bright decision on agency interpretations and the increasing trend of debt collection litigation moving to state courts. Gain insights into the current legal landscape, potential future developments, and practical advice for navigating these complex issues in 2025. Don't miss this essential discussion for anyone in the consumer financial services industry.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Manning and Joe DeFazio, partners in Troutman Pepper Locke's Consumer Financial Services practice group. They provide crucial updates on two significant litigation topics: the ongoing litigation surrounding so-called junk fees, particularly convenience fees, and the implications of New York's Foreclosure Abuse Prevention Act (FAPA). They delve into the recent Eleventh Circuit decision on convenience fees, the broader impact of the Consumer Financial Protection Bureau's stance on junk fees, and the challenges posed by FAPA for mortgage lenders and servicers. Listeners will gain insights into the current legal landscape, potential future developments, and practical advice for navigating these complex issues. Don't miss this essential discussion for anyone in the consumer financial services industry.
In this special joint edition of the Consumer Finance Podcast and the Regulatory Oversight Podcast, host Chris Willis is joined by colleagues Stephen Piepgrass, James Kim, Jesse Silverman, and Lane Page to discuss the ongoing changes at the Consumer Financial Protection Bureau (CFPB) and predict how state regulators and legislatures will react to fill the void. This episode explores the anticipated responses from state attorneys general, financial service regulators, and legislatures, and offers strategic insights for industry players to navigate this complex regulatory environment. Tune in to understand the proactive measures your organization can take to stay compliant and ahead of potential state enforcement actions.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss the latest in deposit account-related litigation. As part of the Year in Review and Look Ahead series, they delve into significant cases from 2024, including Ponzi schemes, check washing, and elder exploitation scams. They also provide insights into what depository institutions can expect in 2025. Tune in to stay informed about the evolving legal landscape affecting banks and credit unions.
In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss significant fair lending and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) developments during 2024 and what to expect in 2025. They delve into aggressive redlining enforcement actions by federal regulators under the "Combatting Redlining Initiative" during the Biden administration, federal and state regulators' increasing scrutiny of the use of artificial intelligence in consumer lending and potential discrimination claims, the Consumer Financial Protection Bureau's war on "junk fees," and the current status of the Section 1071 final rule. They also offer predictions concerning anticipated changes in the federal agencies' approach to fair lending and UDAAP enforcement under the Trump administration. Tune in for a comprehensive overview and expert insights into these pivotal areas of law, which pose significant regulatory, legal, and reputational risk.
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by James Kim and Jesse Silverman, co-leaders of Troutman Pepper Locke's fintech industry group. They discuss the current regulatory environment for earned wage access products, as well as potential developments in 2025. The conversation covers the evolving positions of the Consumer Financial Protection Bureau (CFPB) and the differing approaches taken by states such as Connecticut, Wisconsin, California, and Maryland. Tune in to understand the complexities and practical implications for earned wage access providers in this dynamic regulatory landscape.
In this episode of The Consumer Finance Podcast, host Chris Willis and Michael Lacy, Consumer Financial Services Practice Group leader, introduce Troutman Pepper Locke's annual Year in Review and Look Ahead publication. The publication covers 17 critical areas, including the Fair Credit Reporting Act, the Telephone Consumer Protection Act, and FinTech. This concise and accessible report offers valuable insights for clients, practitioners, and regulators. Tune in to stay informed and ahead of the curve.
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Partners Virginia Flynn and Chad Fuller for the first edition of a special year-in-review series. Together, they provide a comprehensive analysis of the Telephone Consumer Protection Act (TCPA) developments from 2024 and offer predictions for 2025. The discussion covers key changes, including the upcoming one-to-one consent rule, the impact of key cases, and other significant TCPA trends. This episode is essential for staying ahead in the evolving landscape of TCPA compliance. Stay tuned for more year-in-review content!
In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully ready. They discuss the implications of these orders, the importance of thorough product testing and risk management, and the potential financial consequences of premature product launches. Tune in to learn valuable insights and best practices to avoid similar pitfalls in your organization.
In the first episode of The Consumer Finance Podcast as the newly combined Troutman Pepper Locke, host Chris Willis is joined by Partners Tom Yoxall and Michael Lacy to discuss the strategic merger between Troutman Pepper and Locke Lord, which became effective on January 1. The episode explores the enhanced capabilities and expanded geographic reach of the combined firm, particularly in the consumer financial services and broader financial services sectors. Tune in to learn about the synergies, cultural alignment, and future goals of this financial services powerhouse.
Join host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB's recent study on differential treatment in small business lending. Discover the methodology behind the study, its findings, and the implications for small business lenders. The discussion also covers the significance of the CFPB's 1071 Small Business Data Collection Rule and its potential impact on the industry. Learn about the possible biases and limitations of the study, and explore the broader context of fair lending practices. This episode provides valuable insights for lenders and regulators alike, highlighting the importance of vigilance and proactive measures in ensuring fair treatment for all small business owners.
In this episode of The Consumer Finance Podcast, host Chris Willis, co-leader of Troutman Pepper's Consumer Financial Services Regulatory practice, is joined by colleagues Mark Furletti, Stephen Piepgrass, Jesse Silverman, and James Stevens. Together, they delve into the anticipated regulatory landscape and legal needs for financial services companies under the upcoming Trump administration. The discussion covers the potential resurgence of new financial products, the impact on M&A activity, the role of state attorneys general, and the future of bank-fintech partnerships. Tune in to gain insights on how to strategically navigate the evolving regulatory environment and leverage opportunities in the financial sector.
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Jesse Silverman and Matt Morris to explore the complexities of the CFPB's nonbank registry rule. This regulation, introduced in 2024, has generated significant confusion due to its intricate requirements. They discuss the rule's purpose, its impact on nonbank financial services, and the detailed steps companies must take to ensure compliance. Tune in to understand the key definitions, registration deadlines, and the broader implications for the industry.
Join Chris Willis and his colleague Stefanie Jackman as they delve into the recent amendments to New York City's debt collection rules. In this episode of The Consumer Finance Podcast, they discuss the significant changes, including communication restrictions, validation requirements, and the expanded coverage to include creditors. Learn about the implications for both creditors and debt collectors, the enforcement mechanisms, and the ongoing legal challenges. Stay informed and prepared for the April 1, 2025, enforcement date.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partner Kim Phan to discuss the latest cybersecurity guidance from the New York Department of Financial Services (NYDFS) concerning artificial intelligence (AI). Released on October 16, this guidance addresses the growing cybersecurity threats posed by AI and provides insights on how financial institutions can mitigate these risks. Kim and Chris delve into the specifics of the guidance, including the expectations for risk assessments, the importance of monitoring AI usage, and practical steps for enhancing cybersecurity measures. They also highlight the dual perspective of AI risks from both external threat actors and internal vulnerabilities, and discuss the potential benefits of integrating AI into cybersecurity strategies. Tune in to gain a comprehensive understanding of how to navigate these new guidelines and stay ahead in the evolving landscape of cybersecurity.
In this special joint episode of The Consumer Finance Podcast and Moving the Metal, Chris Willis teams up with Brooke Conkle and Chris Capurso, hosts of the Moving the Metal podcast, to discuss the CFPB's recent supervisory highlights on auto-finance and auto-servicing. Joined by Stefanie Jackman, a partner experienced in auto-finance servicing and collections, the team delves into the CFPB’s findings on issues ranging from repossessions and servicing practices to optional products and credit reporting. They explore the implications of these findings and provide insights into the regulatory landscape, emphasizing the importance of compliance and timely remediation. Tune in for an in-depth analysis of the CFPB's focus areas and what they mean for the auto-finance industry.
In this episode of The Consumer Finance Podcast, host Chris Willis introduces the firm's newest partner, Heryka Knoespel. Heryka shares insights into her national litigation practice, focusing on fraud cases involving email and text message compromises. As a native Spanish speaker, she also discusses her role in regulatory compliance for Spanish-language marketing and advertising. Heryka's unique background and experience make her a valuable addition to the Troutman Pepper team. Tune in to learn more about her journey into consumer financial services law and her vision for the future.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner David Anthony and Rami Haddad, deputy general counsel for Compliance, Litigation, and Privacy at PRA Group. The discussion dives into a variety of pressing issues in the consumer finance sector and covers current litigation trends, the impact of the Supreme Court's overruling of Chevron in the Loper Bright case, and the CFPB's new nonbank registry rule. The episode also explores the heightened focus on medical debt collection by the CFPB and its potential implications for the industry. Tune in for expert insights and a comprehensive overview of these critical topics.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative possibilities of artificial intelligence (AI) in the financial services sector, and covers the basics of AI, its current applications, and future potential. The conversation highlights how AI, particularly generative pre-trained models, can revolutionize complaint management, enhance regulatory compliance, and improve operational efficiency. Tune in to understand how AI is reshaping the landscape of consumer financial services and what lies ahead.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Mark Furletti and Jason Cover to delve into the CFPB's recent interpretive rule that classifies buy now, pay later (BNPL) products as credit cards under Regulation Z. The discussion unpacks the controversy surrounding this rule, the subsequent FAQs released by the CFPB, and the broader implications for the BNPL industry. The episode explores the challenges and ambiguities posed by the rule, potential compliance strategies, and the likelihood of legal challenges. Tune in for an insightful analysis of one of the year's most debated regulatory developments in consumer finance.
In this episode of The Consumer Finance Podcast, Chris Willis delves into the latest annual report from the CFPB's Office of Servicemember Affairs. While the report is ostensibly about issues affecting military personnel, it primarily highlights ongoing challenges in student loan servicing. Chris discusses key findings, including customer service obstacles, errors in income-driven repayment plans, and the contentious practice of transcript withholding. This episode underscores the CFPB's persistent focus on these issues and the implications for the student loan servicing industry. Tune in for a comprehensive analysis and stay informed about the regulatory landscape.
In this episode of The Consumer Finance Podcast, Chris Willis delves into the Consumer Financial Protection Bureau's (CFPB) recent response to the Treasury Department's request for information on the use of artificial intelligence (AI) in financial services. Chris highlights key points from the CFPB's communication, including their views on fraud models, fair lending testing standards, and the implications for financial institutions. He also discusses the CFPB's candid remarks about its own innovation office and the future of regulatory treatment for individual firms. This episode is essential listening for anyone in the financial services industry looking to stay informed about regulatory expectations and compliance challenges.
In this special crossover episode of The Consumer Finance Podcast and Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Consumer Financial Protection Bureau's (CFPB) new report on negative equity in auto lending. This report, the first of its kind, utilizes data from the CFPB's 2023 Auto Finance Data Pilot, which was issued to major banks, finance companies, and captive lenders. Brooke and Chris analyze the impact of the report, including what the report may indicate for the CFPB's upcoming priorities.
In this episode of The Consumer Finance Podcast, Chris Willis and Jesse Silverman delve into the recent activities of the Consumer Financial Protection Bureau (CFPB) that pose significant risks to retailers and merchants. They discuss various proposed rules, including those related to buy now, pay later, open banking, data brokers, and digital wallets, and how these could impact businesses that utilize consumer payment data. The conversation also covers the potential implications of becoming subject to CFPB supervision, including the rigorous compliance expectations and the extensive examination process. Jesse and Chris emphasize the importance of retailers and merchants getting educated on these developments and considering proactive steps to mitigate risks.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by privacy Partner Kim Phan and Rami Haddad, deputy general counsel at PRA Group. This episode delves into a range of emerging privacy issues impacting the financial services industry. The discussion covers the evolving landscape of state privacy laws, the implications of the new Colorado AI law, and the challenges posed by online tracking technologies. The episode also highlights recent updates to the FTC's Gramm-Leach-Bliley Act Safeguards Rule and explores the ramifications of a recent SEC enforcement case related to cybersecurity. Tune in for an insightful conversation on how these developments are shaping the regulatory environment for financial institutions.
In this special crossover episode of The Consumer Finance Podcast and FCRA Focus, host Kim Phan is joined by fellow Troutman Pepper partner Stefanie Jackman and Michelle Macartney, managing partner and chief compliance officer at Bridgeforce. Together, they delve into the complexities of reporting collections activity to consumer reporting agencies. Michelle shares her extensive experience in consumer reporting compliance, offering valuable insights into the challenges and best practices for maintaining data accuracy and handling disputes. The discussion also covers the latest CFPB draft rulemaking on medical debt and its implications for consumer reporting agencies, end users, and furnishers. Tune in to learn how to navigate the intersection of FCRA and debt collection as well as discover effective compliance strategies to mitigate risks in today's regulatory environment. Don't miss this informative episode packed with practical tips and industry updates!
In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau's (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.
The podcast explains the CFPB's proposed interpretive rule, which replaces the 2020 guidance that was more favorable to the industry. The new rule would classify EWA products as credit under the Truth in Lending Act (TILA), requiring additional disclosures. The discussion also covers the CFPB's stance on expedited funding fees and tips, which they argue should be considered finance charges.
The group discusses the CFPB's approach, noting potential challenges and the lack of justification for the proposed rule. They encourage market participants to submit comments before the August 30 deadline to address flaws in the CFPB's analysis.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners David Dove and Misha Tseytlin to revisit the Supreme Court's landmark decision in Loper Bright, which overruled the long-standing Chevron doctrine of court deference to agency interpretations of statutes. The discussion delves into the practical implications of this decision for federal and state regulations, the potential for increased litigation, and the nuanced impact on ongoing and future agency actions. The episode provides valuable insights for businesses and legal practitioners navigating the post-Chevron regulatory landscape.
In this special joint episode of Payments Pros and The Consumer Finance Podcast, Chris Willis and Carlin McCrory introduce Trevor Salter, a seasoned financial services transactional attorney who recently joined Troutman Pepper. Trevor shares his unique career journey from aspiring environmental attorney to becoming a key player in consumer financial services. The discussion delves into Trevor's experience in strategic partnerships, card partnerships, and consumer data integrations, highlighting the synergies with the firm's comprehensive financial services practice. Tune in to learn more about Trevor's background, his decision to join the firm, and the exciting future ahead for the firm's financial services team.
In this special crossover episode of The Consumer Finance Podcast and the Payments Pros Podcast, Chris Willis and Josh McBeain are joined by colleagues Mark Furletti and Jason Cover to delve into the CFPB's Payday Loan Rule, which is set to become effective again following a Supreme Court decision. The discussion unpacks the broad scope of the rule, extending beyond traditional payday loans to include various financial products. The episode highlights the complexities of compliance, the nuances of the rule's definitions, and the critical steps lenders must take before the March 30, 2025, compliance deadline. Don't miss this insightful conversation on navigating the revived regulatory landscape.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jesse Silverman, a seasoned member of Troutman Pepper's Financial Services team, and Alex Johnson, a fintech industry expert and author of the Fintech Takes newsletter. The episode delves into the evolving landscape of bank-fintech partnerships and banking as a service, exploring the regulatory challenges and existential risks faced by fintech companies. The conversation highlights the need for more robust regulatory frameworks, improved consumer disclosures, and the importance of serious, well-vetted partnerships to ensure the sustainability and innovation of the fintech sector. Tune in to gain insights into the future of fintech and the critical role of regulatory compliance in fostering a secure and innovative financial ecosystem.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Ron Raether and Tim St. George to discuss a landmark victory in a major data breach class action multidistrict litigation. The team delves into the details of the successful defense of an attempt at class certification involving a ransomware attack on software provider Blackbaud. This episode highlights the strategic legal maneuvers, team approach, extensive discovery, and expert practices that led to this important industry win. Don't miss this in-depth case study and learn how the Troutman Pepper team navigated one of the largest and most complex data breach cases in history.
In this special crossover episode of The Consumer Finance Podcast and Payments Pros Podcast, Chris Willis and Josh McBeain interview two colleagues who delve into the Consumer Financial Protection Bureau's (CFPB) recent interpretive rule that classifies buy now, pay later (BNPL) transactions as credit cards. Mark Furletti and Jason Cover explore the implications of this rule under Regulation Z, including the introduction of the term "digital user account" and its impact on BNPL providers. The discussion covers the regulatory requirements, potential challenges for compliance, and the broader legal context, including the possible effects of the Loper Bright case on administrative interpretations. With a July 30 compliance deadline looming, the episode provides critical insights for industry stakeholders navigating this significant regulatory shift.
In this episode of The Consumer Finance Podcast, Chris Willis discusses the complexities and potential pitfalls of bank-fintech partnerships. Joined by colleagues Alexandra Steinberg Barrage, Matthew Bornfreund, and Jesse Silverman, the conversation delves into the structure of banking-as-a-service (BaaS) relationships, regulatory pressures, and key friction points such as BSA/AML compliance and ledgering. The team offers practical solutions for both banks and fintechs to ensure successful collaborations, emphasizing the importance of clear roles, responsibilities, and robust compliance measures. This episode is essential listening for anyone involved in or considering a bank-fintech partnership.
In this episode of The Consumer Finance Podcast, Chris Willis delves into the renewed focus on incentive compensation by federal financial regulators. Joined by colleagues Sheri Adler and Jina Davidovich from the Employee Benefits and Executive Compensation group, the discussion centers on the implications of Section 956 of the Dodd-Frank Act. The episode explores the historical context, proposed rule changes, and the potential impact on financial institutions and their employees. Key topics include the scope of covered institutions, specific requirements for senior executives and significant risk-takers, and the governance and compliance obligations that may arise if the rules are enacted.
In this special episode, Brooke Conkle and Chris Capurso discuss a recently released circular from the Consumer Financial Protection Bureau (CFPB) on consumer contracts. They are joined by special guest Caleb Rosenberg, who provides insights into the potential impacts this "quietly released" circular may have on the auto finance industry. Caleb brings a wealth of experience, including assisting businesses with secured and unsecured loan agreements, retail installment sales contracts, credit card agreements, and alternative finance agreements. He also helps clients navigate regulatory inquiries, particularly those concerning the application of state law to alternative financing products. While this marks the final episode of our five-part series on auto finance issues, stay tuned for more content. Be sure to listen until the end for a BIG announcement!
In this episode of The Consumer Finance Podcast, Chris Willis introduces the firm's esteemed bank regulatory team. Featuring Kevin Petrasic, Matthew Bornfreund, Alexandra Barrage, and Helen Lee, the episode delves into the team's extensive experience in bank regulation, supervisory and enforcement matters, fintech, payments, and more. Each team member shares their unique background, including significant government and in-house experience, and discusses how their combined knowledge enhances Troutman Pepper's ability to comprehensively serve financial institution clients. The episode underscores the firm's strategic goal to be a one-stop shop for all financial services legal needs.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by partner Glen Trudel to discuss a recent appellate court decision affirming that a group of securitization trusts "engaged" in a known "consumer financial product or service", and therefore are subject as covered persons to the enforcement authority of the Consumer Financial Protection Bureau (CFPB). This decision could potentially expose similarly situated securitization trusts to the jurisdiction and enforcement authority of the CFPB. Chris and Glen discuss the court's rationale for the holding and delve into the implications of this ruling, including the potential for increased regulatory scrutiny and the need for trusts to ensure compliance with consumer laws relating to the loan assets they hold. They also discuss potential changes in the terms of future securitization documentation and the importance of due diligence and monitoring of service providers. The episode concludes with a discussion on the significance of this ruling in the legal landscape for securitization trusts and whole loan owners.
Join Troutman Pepper Partner Brooke Conkle and Associate Chris Capurso as they delve into the complexities of ancillary products in the auto finance industry. From GAP waivers to extended warranties, discover the latest regulatory developments and compliance challenges that are shaping the landscape for consumers, dealers, and auto finance companies.
Our Auto Finance Special Series on The Consumer Finance Podcast will be exploring various facets of the auto finance industry, from regulatory changes and compliance challenges to market trends and future outlooks. This series is essential for anyone looking to stay ahead in the rapidly evolving world of auto finance. Subscribe to our podcast on your favorite platform to ensure you don't miss an episode!
In case you missed it, listen to the previous episodes in this series:
- Auto Finance – The Holder Rule
- Auto Finance – The CFPB Complaints Report
- Navigating the CFPB's Auto Finance Data Collection Initiative
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Lori Sommerfield to discuss the new guidance issued by the Department of Housing and Urban Development (HUD) on targeted advertising for housing and housing-related ads. The conversation delves into the implications of the guidance, which was motivated by HUD's original charge of discrimination against Facebook in 2019 and President Biden's 2023 Executive Order on the Safe, Secure, and Trustworthy Development and Use of AI. They explore how the guidance shifts the focus from disparate treatment to disparate impact, and the challenges advertisers and advertising platforms may face in complying with the new guidelines. The episode concludes with a discussion on the potential for regulatory overreach and the possibility of litigation.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Sheri Adler to discuss the implications of the upcoming change in securities law that shortens the settlement period for broker-dealer transactions from T+2 (two business days after the trade date) to T+1 (one business day after the trade date). This change, effective May 28, 2024, has significant implications for employers who offer equity-based compensation to their employees. Adler provides an overview of the history of the settlement cycle, the reasons behind the shift to T+1, and the impact on tax withholding obligations for equity awards. She also offers practical advice for companies to prepare for this change, including potential adjustments to the calculation of fair market value for withholding purposes.
Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Federal Trade Commission's "Holder Rule" in the third of five special episodes devoted to auto finance issues. Although the Holder Rule has been around since the 1970s and is a staple of consumer finance contracts, there have been several recent, important developments. Brooke and Chris hop behind the wheel of this installment to review these developments, the position taken by the FTC and courts, and the potential impacts to dealers and finance companies.
Our Auto Finance Special Series on The Consumer Finance Podcast will be exploring various facets of the auto finance industry, from regulatory changes and compliance challenges to market trends and future outlooks. This series is essential for anyone looking to stay ahead in the rapidly evolving world of auto finance. Subscribe to our podcast on your favorite platform to ensure you don't miss an episode!
In case you missed it, listen to the previous episodes in this series:
- Auto Finance – The CFPB Complaints Report
- Navigating the CFPB's Auto Finance Data Collection Initiative
In this episode of The Consumer Finance Podcast, Chris Willis discusses the recent changes the Consumer Financial Protection Bureau (CFPB) made to its rules for designating nonbanks subject to supervision due to potential risks to consumers. Willis provides a background on this authority granted to the CFPB by the Dodd-Frank Act and discusses the CFPB's increased use of this authority in recent years. He also delves into the implications of the CFPB's updated rules, emphasizing the need for nonbanks to prepare for potential supervision and to build robust compliance management systems. The episode provides valuable insights for nonbanks navigating the regulatory landscape and the potential for CFPB supervision.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Jeremy Rosenblum and Neil Currie, vice president at the American Arbitration Association (AAA). They discuss the phenomenon of mass arbitration and the recent revisions to the AAA's rules to address this. The conversation covers the new AAA rules, the fee structure, and the benefits of using AAA over other arbitration administrators. They also discuss strategies for drafting arbitration clauses to avoid the challenges of mass arbitrations. The episode provides valuable insights into the complexities of mass arbitration and offers practical advice for businesses navigating this challenging landscape.
Troutman Pepper attorneys Brooke Conkle and Chris Capurso helm this episode to discuss the Consumer Financial Protection Bureau's (CFPB) recent annual report on consumer complaints for 2023. Although the report primarily focuses on consumer reporting, it includes an auto-finance section for those involved in auto loans and leases. Out of 1.6 million total complaints only 17,000 to 18,000 were directed toward auto finance-related issues; however, Brooke and Chris highlight some key takeaways. The bottom line: The CFPB pursues auto finance actions, and the most effective way to gain insight into the Bureau's thinking is to examine the issues highlighted in the complaint report and ensure your processes are properly prepared.
Our Auto Finance Special Series on The Consumer Finance Podcast will be exploring various facets of the auto finance industry, from regulatory changes and compliance challenges to market trends and future outlooks. This series is essential for anyone looking to stay ahead in the rapidly evolving world of auto finance. Subscribe to our podcast on your favorite platform to ensure you don’t miss an episode!
In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleague Jesse Silverman. They discuss the crucial steps fintech firms need to take to establish and maintain successful partnerships with banks. Silverman, with his unique background as a state regulator, CFPB staff member, and fintech executive, provides insights into the preparation, due diligence, and onboarding processes. He emphasizes the importance of understanding the bank's compliance requirements, having clear policies and procedures, and ensuring a robust information security system. Silverman also discusses the benefits and challenges of using a Banking as a Service (BaaS) partner. The episode provides valuable advice for fintech companies looking to navigate the complexities of partnering with banks in a highly regulated industry.
In this pivotal episode of The Consumer Finance Podcast, host Chris Willis, alongside colleagues Brooke Conkle and Chris Capurso, explores the Consumer Financial Protection Bureau's (CFPB) groundbreaking proposal for regular and extensive data collection within the auto finance industry. This episode is part of our special series on auto finance, where we unpack the implications of this initiative, rooted in the authority of Section 1022 of the Dodd-Frank Act, for both the industry and consumers. As the auto finance sector experiences significant growth amid rising prices and rates, we shed light on the CFPB's strategy to enhance market monitoring and ensure transparency. Join us as we explore the potential impacts of this development, the reactions from major auto finance companies, and what this means for the future of consumer financial services. Don't miss this insightful discussion that navigates the complexities of regulatory changes and their effects on the auto finance landscape.
Stay tuned for our Auto Finance Special Series on The Consumer Finance Podcast, where we'll be exploring various facets of the auto finance industry, from regulatory changes and compliance challenges to market trends and future outlooks. This series is essential for anyone looking to stay ahead in the rapidly evolving world of auto finance. Subscribe to our podcast on your favorite platform to ensure you don't miss an episode!
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners David Anthony and David Dove to discuss the potential implications of the Supreme Court overruling the Chevron case. This case established the principle of deferring to agency interpretations of statutes they administer. While some industry insiders may view the potential overruling as beneficial, the discussion highlights the potential for increased unpredictability and instability. The guests emphasize the importance of vigilance, strategic planning, and the engagement of experienced legal counsel to navigate potential challenges and optimize business opportunities.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by David Dove, a partner in Troutman Pepper's RISE group. They discuss the legal and practical considerations for businesses looking to locate a facility in a new state. David shares his insights on the various incentives available at the federal, state, and local levels, including grants, tax incentives, and economic development programs. He emphasizes the importance of strategic planning, engaging with regulators, and having experienced legal counsel to ensure businesses maximize their opportunities and navigate potential challenges. The discussion provides valuable insights for businesses considering expansion or relocation.
In this episode of The Consumer Finance Podcast, Chris Willis and Josh McBeain discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule on overdraft fees. The rule, which only applies to large financial institutions with assets over $10 billion, aims to regulate overdraft services by altering the definition of 'finance charge,' effectively subjecting these institutions to Regulation Z's disclosure and substantive provisions. Chris and Josh delve into the complexities of the proposed rule, considering its potential implications and the likelihood of litigation challenges from the industry. They also discuss the role of the Truth in Lending Act (TILA) and the concept of Chevron deference in this context.
In this episode of The Consumer Finance Podcast, Chris Willis discusses the Consumer Financial Protection Bureau's (CFPB) recent circular on comparison shopping and lead generation websites. The CFPB asserts that certain practices related to these websites are abusive under the Dodd Frank Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) regulation. The CFPB argues that it is abusive for website operators to influence their display or ranking of consumer financial products and services based on compensation they receive from product providers. Willis critiques the CFPB's stance, arguing that the Bureau is attempting to rewrite commerce rules by labeling practices as abusive, in conflict with long-standing regulatory guidance focused on disclosures on such websites. Despite the CFPB's circular, he suggests that the industry will likely continue to rely on appropriate disclosures to ensure consumers are informed of how products are presented in online contexts.
In this special crossover edition of The Consumer Finance Podcast and the Payments Pros podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry's reaction to it. The rule lowers the safe harbor provision dollar amount for late fees to $8 for large credit card issuers and increases it for small issuers. The team also discusses the legal challenge filed against the rule by a collective of trade groups. They speculate on potential industry responses if the rule survives legal challenges, such as increasing APRs, creating new fees, raising minimum payments, and tightening credit.
Events continue to unfold in the litigation filed by the industry challenging the final late fee rule. For updates on this litigation that occurred after the recording of this podcast, visit www.consumerfinancialserviceslawmonitor.com.
In this special crossover episode with Payments Pros and The Crypto Exchange, Ethan Ostroff, James Kim, and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule to supervise large tech companies and other providers of digital wallets and payment apps. The proposed rule asserts that digital assets are "funds" subject to the Dodd-Frank Act and other federal consumer financial laws and regulations, which would expand the CFPB's supervisory powers to examine companies facilitating crypto and other digital asset transactions.
Our group discusses the legal basis for the CFPB's assertion of jurisdiction over digital assets, and observes that the CFPB's position lacks clear statutory authority and may violate the major questions doctrine. They also note that Congress is currently working on legislation related to digital assets, and that the CFPB should not preempt this process.
Lastly, the group highlights practical questions that companies face when assessing the proposed rule, such as whether NFTs are covered and how companies can monitor anonymous, blockchain transactions.
The final rule is anticipated to be released before year end, with examinations starting in 2025.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Sheri Adler and Mary Weeks to discuss the recent uptick in SEC enforcement activity related to whistleblowers. They focus on the implications for financial institutions and other companies, particularly those targeted by the SEC for documents potentially restricting whistleblowers from reporting violations of securities laws.
Sheri and Mary provide insights into the legal framework of whistleblower protections and offer practical tips for companies to avoid potential pitfalls. They highlight the importance of drafting agreements that do not deter whistleblowing, ensuring internal consistency across all company documents, and considering the language in third-party agreements.
This episode also touches on the potential for similar enforcement actions from other regulators, such as the CFPB, underscoring the need for companies to take a broad, holistic approach to compliance.
In this insightful episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Brooke Conkle and Alan Wingfield, as they delve into the topic of regulatory risk and litigation exposure for auto finance companies under the new FTC CARS Rule. Tune in for a deep dive into preventative strategies that can help your auto finance company avoid regulatory pitfalls under the new rule.
In this episode of The Consumer Finance Podcast, host Chris Willis and guest Lori Sommerfield discuss the status of the Department of Justice's (DOJ) Combatting Redlining Initiative. The initiative, which has been underway for over two years, involves all federal financial institution regulators, including the OCC, FDIC, Federal Reserve Board, CFPB and HUD, and has resulted in a significant number of redlining cases brought by the DOJ. The total monetary relief in connection with these settlements has reached $107 million, with the largest single redlining settlement at $31 million. The DOJ has brought 10 redlining enforcement actions, either on its own or in conjunction with other federal agencies, and there are currently about two dozen investigations pending.
Lori and Chris discuss common trends in redlining enforcement actions, including lenders' awareness of redlining risks without corrective action and evidence of discrimination in employee emails. They also discuss the guidance provided by Assistant Attorney General Kristen Clarke to mortgage lenders on how to avoid and address redlining risk. Looking ahead, Lori predicts that the DOJ and other federal agencies will continue to pursue the Combatting Redlining Initiative aggressively, with several more redlining enforcement actions expected in 2024.
In this final episode of The Consumer Finance Podcast Year in Review series, host Chris Willis is joined by Tim St. George, a key member of our Consumer Financial Services Litigation team. They discuss the significant developments in consumer finance class action litigation in 2023 and what to expect in the year ahead. Topics include ethical issues associated with class actions, the debate over service awards, attorney-client privilege, and more. Tune in to gain insights from Tim's extensive experience in class action litigation and stay informed about the evolving legal landscape.
To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join us for an enlightening episode of The Consumer Finance Podcast, where we dissect the intricate world of debt collection, reflecting on the past year and forecasting future trends. This episode, hosted by Chris Willis, features insightful discussions with Stefanie Jackman and Jonathan Floyd, both well-versed in the field of debt collection. We explore significant Supreme Court cases that could reshape the collections landscape, the impact of Regulation F on validation notices, and the complexities surrounding credit reporting and medical debt. Stefanie and Jonathan share their perspectives on emerging trends and potential challenges in the collections industry. This episode is a must-listen for creditors, servicers, and collectors seeking to understand the ever-evolving landscape of debt collection. Stay tuned for the next and final episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.
To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join us for the second episode of our Year in Review and a Look Ahead series, where we delve into the fintech world. Our host, Chris Willis, co-leader of Troutman Pepper's Consumer Financial Services Regulatory practice, is joined by James Kim who leads the firm's Fintech practice. They discuss the significant events in the fintech sector in 2023 and what to anticipate in 2024, covering key regulatory developments, the impact of the Consumer Financial Protection Bureau's proposed rules, and the increasing scrutiny of fintech-bank partnerships. Don't miss this insightful conversation as we navigate the evolving fintech landscape. Stay tuned for the next episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.
To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join hosts Dave Gettings, Kim Phan, and Chris Willis in this special crossover episode of FCRA Focus and The Consumer Finance Podcast in the first installment of our Year in Review and a Look Ahead series. They are joined by guests Cindy Hanson and Alan Wingfield, partners at Troutman Pepper, who share their insights on the most impactful developments in background screening and credit reporting in 2023. Listen in as they discuss industry challenges and opportunities, the implications of proposed regulatory changes, and what to expect in the future. Stay tuned for the next episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.
To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Please join Troutman Pepper Partners Chris Willis and Michael Lacy for a special inside look at our annual publication of the Consumer Financial Services Year in Review and Look Ahead. In our eighth year of publishing this annual review of regulatory and legal developments in the consumer financial services industry, our team has prepared a thorough analysis of the most important issues and trends across 17 consumer protection areas. For the first time, we are rolling out both webinars and podcasts on select topics to not only provide more in-depth coverage of 2023 events, but also let you know what we expect in 2024. This material will be beneficial to in-house counsel, compliance managers, regulators, and anyone in the consumer financial services space who wants to stay ahead of the curve.
To download a copy of the Consumer Financial Services Year in Review and Look Ahead, please click here. For a list of our upcoming webinars, please check out our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
In this episode of The Consumer Finance Podcast, host, Chris Willis, is joined by Partners Kim Phan and Lori Sommerfield, to discuss recent developments related to website accessibility under the Americans with Disabilities Act (ADA). In this episode, they explore the Department of Justice's proposed rule under Title II of the ADA, which seeks to improve state and local government website and mobile app access for individuals with disabilities, and the potential significance to the private sector. They also discuss the international World Wide Web Consortium's latest version of its Web Content Accessibility Guidelines (WCAG), 2.2, and the first working draft of WCAG 3.0. Tune in to learn more about these important updates and how they may impact your organization.
Please join Troutman Pepper Partner Chris Willis, along with colleagues Lori Sommerfield and Mary Zinsner, as they discuss the impact of a consent order issued by the Consumer Financial Protection Bureau (CFPB) in May 2022 relating to cross-border garnishment practices and the implications on the financial services industry over the last year and a half. Chris, Lori, and Mary emphasize the CFPB’s expectations (which include the necessity of establishing a compliance program for garnishment processes and conducting 50-state surveys to better understand state garnishment laws), cross-border garnishment law issues, and the impact of the consent order on litigation. They also address how financial institution clients can comply with the CFPB’s regulatory expectations regarding the processing of garnishment orders in the future.
Please join Troutman Pepper Partners Chris Willis and Sheri Adler as they discuss recent developments in equity award delegations for public companies incorporated in Delaware. Sheri, a member of our Employee Benefits and Executive Compensation practice, provides our listeners with a 30,000-foot view of what equity incentive plans typically look like at a public company, such as a publicly traded bank or another financial institution. She then dives deeper into the topic of equity grant-making authority, addressing questions such as:
- Why do many compensation committees appoint an officer or another delegate to grant equity awards?
- Does an equity plan need to be drafted a certain way in order for a delegation to be allowed?
- Which laws govern the ability to delegate?
- What are the rules for setting up an equity delegation in a Delaware company under Delaware General Corporation Law (DGCL) Sections 152 and 157?
- What advice can be given to companies looking to set up equity delegations under the DGCL rules?
- Is there an alternative method for setting up a delegation in a Delaware company?
In this special solo episode of The Consumer Finance Podcast, Chris Willis provides an important update on the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule. In October, a Texas federal court entered a nationwide injunction covering all small business lenders, essentially saying that both the implementation and enforcement of the 1071 rule would be stayed pending the outcome of the Supreme Court's decision in the Community Financial Services Association case. Chris addresses the timing of the injunction, its impact on small business lenders, including the "free look" period for lender to voluntarily collect 1071 data, and what small business lenders can do to prepare for the potential lifting of the injunction after the Supreme Court's decision.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Kim Phan, a partner in our firm's Privacy + Cyber practice, to discuss the Securities and Exchange Commission's new cyber risk management and incident disclosure rules for publicly traded companies. The rules, already in effect, detail the information a public company must report following a cybersecurity incident and the timeline for reporting. Chris and Kim also discuss the ongoing reporting obligations for a public company related to a cyber incident after the initial reporting phase, how the rules apply when cyber incidents involve a third party's system, and if the SEC has struck the right balance between informing investors versus the possibility of educating hackers on a company's cybersecurity defenses. They also address the rule's new requirement for annual disclosures about a company's cybersecurity risk management, strategy, and governance.
In this special crossover episode with Regulatory Oversight podcast, Ashley Taylor is joined by Kim Phan and Kristen Eastman to discuss the Consumer Financial Protection Bureau's (CFPB) 1033 proposed rule, also known as the Personal Financial Digital Rights rule. This rule, part of the Dodd-Frank Act, aims to place limits on the ability to access consumer data as well as any subsequent uses of such data. It focuses on entities subject to the Truth in Lending Act (TILA) and Regulation Z, such as depository institutions, credit card companies, and payment processors. The proposed rule requires these entities to make financial records available both to consumers and their authorized third parties.
The group discusses the proposed rule's lack of specificity regarding the "qualified industry standard" that companies must meet. They also discuss the potential of state attorneys general and plaintiffs' lawyers using the proposed rule for enforcement actions and litigation.
The CFPB has not yet issued guidance on the proposed rule's enforcement, and the group anticipates that the proposed rule could be finalized as early as next year. However, they also note that the proposed rule's timeline could be affected by litigation surrounding the CFPB's authority and funding.
In this special joint episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, James Kim, and Chris Willis discuss the Consumer Financial Protection Bureau's (CFPB) proposed larger participant rule for consumer payments providers.
The rule is designed to supervise general use digital consumer payment applications, defining a market for these applications and subjecting participants to CFPB supervision and examination under the Consumer Financial Protection Act. Proposed on November 7, the rule targets nonbanks that provide general use digital consumer payment applications with an annual volume of at least 5 million consumer payment transactions. The CFPB plans to aggregate transactions among affiliated companies, and any nonbank covered person will be considered a larger participant for two years from the first day of the tax year in which they last met the larger participant test.
The group also discusses the implications of the rule, including the potential for increased enforcement activity and the broad scope of the rule. The rule is expected to be finalized and become effective around fall 2024, with examinations likely to begin in early 2025.
Please join us for a special cross-over episode of FCRA Focus and The Consumer Finance Podcast, where Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, and Ron Raether look at the latest developments in the CFPB's FCRA rulemaking process. Topics include:
- The anticipated timeline for public comment;
- The removal of medical debt from credit reports;
- The results of the Small Business Review Panels held in October, and potential reinstatement in the future;
- The CFPB's "interpretation" of various definitions in the FCRA, such as the meaning of a consumer reporting agency and a consumer report;
- New obligations imposed on furnishers and end-users regarding permissible purpose;
- The impact of these new rules on other industries;
- Anticipation for an uptick in FCRA litigation once the rules are finalized; and
- Next steps for businesses that will be impacted by the new rules.
Join Troutman Pepper Partner Chris Willis and Counsel Shannon Patterson as they discuss the top issues a company's board of directors needs to consider regarding the use of artificial intelligence (AI) in its business. Shannon specializes in advising companies on board and management governance issues, particularly publicly traded companies, to ensure that boards are well-informed of their responsibilities. In this episode, Shannon offers valuable insights on how a company's general counsel can support its board in integrating principles of good governance for the responsible and effective use of AI.
Join Troutman Pepper Partner Chris Willis as he discusses the New York Department of Financial Services’ (NYDFS) latest updates to its cybersecurity regulations with Troutman Pepper Privacy + Cyber Partner Kim Phan. With data breaches on the rise, the NYDFS has heightened its expectations for licensed entities in New York regarding data management. The finalized draft of these changes was released on November 1, following a year of public comment. Kim provides listeners with important background on these changes and discusses their potential impact on financial institutions of all sizes. Topics include data retention requirements, end-of-life management, enhancements to multifactor authentication, response plan execution, and of course, enforcement actions.
Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration status in credit underwriting — an issue that has plagued creditors for years. Chris provides listeners with important background on this matter, the history and impact of litigation on credit underwriting and immigration status, the content of the joint statement, and what strategies creditors can employ to stay ahead of the issue.
Join Troutman Pepper Partner Chris Willis and his colleagues Joe Reilly and Chris Capurso as they discuss the impact of state licensing laws on the consumer financial services industry. They tackle topics such as:
- When did licensing start and how did it grow into what it is today;
- Which entities are required to have a license and what happens if they engage in an activity that requires a license they do not have;
- What are the licensing requirements for various consumer lenders and nonlenders;
- Does the difficulty in obtaining licenses vary by state; and
- What services do our attorneys offer to clients to help them navigate the wild world of licensing requirements?
In this episode of The Consumer Finance Podcast, Troutman Pepper Partners Chris Willis and Matthew Orso discuss lessons learned from bank internal investigations. They explore the trigger points that give rise to these investigations, provide useful advice for banks regarding their investigations, discuss how to avoid common issues, and suggest remedial measures to prevent issues from repeating.
Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing problems in our society, and financial institutions are right in the thick of it. Chris, Mary, and Dave discuss trends in elder fraud litigation, offering insights on the common themes and defenses that financial institutions have in these cases.
Join Troutman Pepper Partners Chris Willis and Sheri Adler as they dive into the new requirement for publicly traded companies (including financial services companies) to adopt a clawback policy requiring the recoupment of erroneously awarded incentive compensation by December 1, 2023. Chris and Sheri discuss many facets of the rules and what steps companies can take to ensure compliance, including:
- Which companies are subject to the new rules?
- Who must the policy cover?
- What compensation is covered?
- What amount is recoverable?
- What triggers a clawback?
- May the compensation committee exercise discretion as to whether or not to pursue a clawback?
- Can a company indemnify an executive for the loss of erroneously awarded compensation?
- What is the consequence for a company’s failure to comply?
- What are some practical considerations for getting into compliance?
Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions defined by FinCEN. The discussion includes topics such as which companies are subject to the rules, compliance issues financial institutions may face, and what financial institutions can do to avoid potential issues.
In this episode of The Consumer Finance Podcast, Troutman Pepper Partner Chris Willis and fellow Partner Glen Trudel discuss the Final Interagency Guidance put out by the Federal Reserve, the FDIC, and the OCC regarding third-party relationships. Topics include the agencies' goals in putting out this joint guidance, notable points raised in the guidance, and potential impacts on the industry from the advent of this guidance.
Please join Troutman Pepper Partners Kim Phan and Stefanie Jackman for a special podcast episode showcasing our firm's state and federal legislative and regulatory tracking products. These powerful tools were designed to inform industry professionals about the latest state and federal legislative and regulatory developments in order to aid organizations with their compliance management systems and initiatives. The weekly trackers focus on three areas: debt collection, privacy and data security, and consumer reporting and Fair Credit Reporting Act case law. In addition to a weekly tracker, you will be invited to participate in monthly roundtable discussions with Kim and Stefanie. You will also have access to a searchable online portal, which houses all of the information sent out in the weekly updates plus the topics covered in our monthly roundtables. Please tune in to learn more about receiving this valuable tool for your organization.
For more information on our firm's state and federal legislative and regulatory tracking products, contact Stefanie Jackman, Kim Phan, or Mike Bevel.
Join us for the third episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ethan Ostroff, and Ron Raether discuss the potential implications of regulating data brokers under the FCRA, and how this might affect data brokers as well as other types of entities, including users, consumer reporting agencies, and resellers.
Join us for the second episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ron Raether, and Ethan Ostroff discuss the regulation of credit header data and the potential impact on the FCRA and consumer reporting agencies, as well as users and data brokers.
Stay tuned for the third and final episode in this series, which will focus specifically on data brokers and the possibility of regulating them under the FCRA, and how this might affect data brokers as well as other types of entities, users, consumer reporting agencies, and resellers.
Join us for the first episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Ethan Ostroff, and Kim Phan explore the historical events that led us to this point, the next steps in the rulemaking process, the expected timeline for a final rule, how the CFPB is coordinating with the FTC and other regulators, and the expected proposed rulemaking regarding credit header data and data brokers.
Stay tuned for the next two episodes in this series. In our second episode, our panel will discuss the regulation of credit header data and the potential impact on the FCRA and consumer reporting agencies, as well as users and data brokers. And the final episode of our series will focus specifically on data brokers and the possibility of regulating data brokers under the FCRA, the effect it can have on data brokers as well as other types of entities, users, consumer reporting agencies, and resellers.
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Joe Reilly for an important update on the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule. On July 31, the U.S. District Court for the Southern District of Texas issued a preliminary injunction enjoining the CFPB from implementing and enforcing the Final Rule against members of the American Bankers Association, Texas Bankers Association, and a Texas bank. Chris, Lori, and Joe discuss who benefits from the injunction and what it means for those who do not, advocacy efforts by other financial institution trade groups to level the playing field, the impact on small business borrowers, when we can expect a resolution, and until then, how small business lenders should move forward.
In this episode of The Consumer Finance Podcast, Troutman Pepper Partner Chris Willis is joined by colleagues Ethan Ostroff and Trey Smith to discuss the current landscape of cryptocurrency regulation and enforcement. Our team offers insights to the industry about various topics, including:
- Regulation of cryptocurrency at the federal and state level, and what the regulators are targeting;
- The involvement of state attorneys general in cryptocurrency and enforcement;
- Movement on the legislative front, including New York's Cryptocurrency Regulation, Protection, Transparency, and Oversight Act, and the U.S. House of Representatives Financial Services Committee release of the Digital Asset Market Structure Discussion Draft; and
- What we can expect in the future with regard to cryptocurrency regulation and enforcement.
Corporate theft can happen in any workplace, but in the world of financial services, the theft can also create regulatory and litigation exposure for financial institutions. What type of employee is most likely to steal from the company or its customers? What can companies do to combat this? Partners Tracey Diamond and Evan Gibbs chatted with Troutman Pepper Partner Chris Willis about the popular movie Office Space, employee misconduct, and creative uses of technology to protect against corporate theft.
Hear all this and more in Episode 30 of the Hiring to Firing Podcast! Check out all of our previous episodes and subscribe now.
In this episode of The Consumer Finance Podcast, Troutman Pepper Partner Chris Willis and fellow Partner Kim Phan discuss how the recent departure of Commissioner Christine Wilson, on the heels of the resignation of Commissioner Noah Phillips, affects the balance of power at the Federal Trade Commission (FTC). Wilson's departure leaves the FTC with a leadership that lacks a commissioner from the Republican Party — a highly unusual situation. The discussion also touches on Wilson's reasons for resignation and the perceived low morale and discord within the FTC.
In our latest episode of The Consumer Finance Podcast, Chris Willis and his colleagues Stefanie Jackman, Joe Reilly, and Jonathan Floyd discuss the CFPB's advisory opinion related to collection of time-barred debt. The discussion includes a look at the historical events that led up to this opinion, whether or not an FDCPA-covered debt collector can sue to collect a time-barred debt, how this opinion relates to state law analogs, and key takeaways for the industry.
Please join Troutman Pepper Partner Chris Willis and his colleague Kim Phan as they discuss the new California Privacy Rights Act (CPRA) and the creation of the California Privacy Protection Agency (CPPA), California's first state agency focused exclusively on privacy. They also dive into the CPPA's recent amendments to the California Consumer Privacy Act (CCPA), discussing the timeline, overview, and technical guidance for companies. And with 23 topical areas of regulation — what we can expect from the CPRA's next set of rules.
Please join Troutman Pepper Partners Chris Willis and Stefanie Jackman, along with special guest Prodigal Banking Strategy Leader Scott Hamilton for a discussion about how voice AI and machine learning contribute to more efficient call center controls plus much more. Topics include:
- The challenges faced by call centers;
- The benefits of machine learning models capable of assessing calls with accuracy that often exceeds the accuracy of a human;
- How these machine learning models work;
- What banks have learned along this journey; and
- For those interested in learning more, where should you start?
Scott Hamilton serves as the banking strategy leader at Prodigal, a voice AI software company focused exclusively on consumer finance. Before joining Prodigal, Scott spent 30 years leading operational transformations and risk consent order remediation efforts at several large financial institutions, while also consulting with approximately 25 other banks. Most recently, Scott focuses on building and deploying NLP/ML models, capable of true semantic understanding/human levels of accuracy intended to deliver 20-50% lifts in productivity, positive call outcome, and compliance.
Please join Troutman Pepper Partners Chris Willis and Lori Sommerfield, along with American Association of Bank Directors (AABD) President David Baris, for a special announcement about the recently published second edition of the Practical Handbook on Fair Lending for Bank Directors and Executive Officers (AABD Handbook). The updated AABD Handbook addresses the dramatic shift in the regulatory landscape for enforcement of the federal fair lending laws over the past decade, with aggressive enforcement of the Equal Credit Opportunity Act and Fair Housing Act by federal agencies (including the CFPB, U.S. Department of Justice, and federal banking agencies) under various presidential administrations.
The AABD Handbook is designed to raise awareness and provide education to bank directors and executive officers about federal fair lending laws and related laws, as well as offer guidance to directors and executive management on their roles in providing meaningful oversight for fair lending risk management. The AABD Handbook also describes best practices to enhance banks' fair lending compliance programs to meet regulatory expectations. For this reason, the AABD Handbook serves as a helpful resource for others, including chief risk officers, chief compliance officers, and fair lending officers.
The AABD Handbook is available for purchase through Amazon in paperback and e-book formats.
David Baris serves as the president of the American Association of Bank Directors (AABD). He has led AABD since its founding in 1989 to provide bank directors the resources with which to serve their institutions effectively and in a manner that minimizes the risk of personal liability consistent with safe and sound banking practices. AABD supports bank directors through its advocacy, information, and training initiatives.
David was a banking law partner with several law firms for many years, including Kennedy & Baris, which he co-founded, and later the Buckley law firm in Washington, D.C. Earlier in his career, he served as counsel to an oversight subcommittee of the House Government Operations Committee and legislative counsel to a member of Congress. Mr. Baris has authored seven books and numerous articles on bank director issues.
Please join Troutman Pepper attorneys Chris Willis, Keith Barnett, Carlin McCrory, and Josh McBeain in announcing the Payment Pros Podcast — our new podcast providing insights for those in the payments law industry. This podcast features analysis and commentary from our attorneys and business leaders, regulatory experts, and stakeholders on the most challenging legal and regulatory concerns confronted by companies and others in the payments industry. From the BSA to EFTs, fintech to regtech, licensure to lending, Nacha to the CFPB, and payment processing to debt collecting, we have you covered!
Please join Troutman Pepper Partner Chris Willis and colleagues Keith Barnett, Carlin McCrory, and Josh McBeain as they discuss the Consumer Financial Protection Bureau's (CFPB) larger participant rule for consumer payments mentioned in its 2023 semi-annual rulemaking agenda. During this podcast, they examine a myriad of topics concerning this rule, including the following:
- The current trend of CFPB supervision and why the CFPB is proposing this larger participant rule;
- The influence on the substantive law governing some aspects of payments;
- The implication of CFPB examinations of payments companies for the development of the law or regulatory expectations related to Reg E;
- How the CFPB might use UDAAP in the payments space to drive sought-after industry changes or remediations; and
- The anticipated timeline for the proposed rule.
We also invite you to listen and subscribe to our new podcast, Payments Pros – The Payments Law Podcast for insights into the legal and regulatory issues facing companies in the payments industry. Click here to listen!
Please join Troutman Pepper Partners Chris Willis and Misha Tseytlin as they discuss the Supreme Court's recent decision to review Loper Bright Enterprises v. Sec. of Commerce, which will consider the question of whether to overrule Chevron deference for agency interpretations of statutes. Chris and Misha discuss what may happen if Chevron deference is overruled, either in whole or in part, including how this may affect pending lower court cases, the potential impact on future Administrative Procedure Act cases, and the implications for agency rulemakings that may have relied on Chevron deference when promulgated.
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Leigh Poltrock as they discuss HUD's ever-changing disparate impact rule. Topics include an analysis of the rule's many versions over the last 10 years, HUD's reaction to the U.S. Supreme Court's 2015 Inclusive Communities decision, what we should expect from an enforcement and litigation standpoint, and what industry participants should do in light of these developments.
Please join Troutman Pepper Partners Chris Willis and James Stevens for a very special announcement about two new great tools for the financial services industry: The Troutman Pepper Financial Services blog and the Troutman Pepper Financial Services app. The blog will provide analysis and commentary on financial services law, regulation, and business, spanning across all areas of law that impact financial services providers. The new app serves as a convenient location to access all of our content, including blogs, articles, podcasts, events, practice area descriptions, and directory of our financial services attorneys. Tune in to hear more about these exciting new ways to stay on top of insights across the entire financial services industry.
Please join Troutman Pepper Partners Chris Willis and Jason Cover as they discuss the Consumer Financial Protection Bureau’s (CFPB) recent special edition Supervisory Highlights focused on “junk fees.” Chris and Jason dive into the report and talk about how this fits into the CFPB’s broader initiative on junk fees, what exactly constitutes a junk fee, the types of fees the CFPB identifies as problematic, if this means that creditors can’t charge any of these fees, and steps to take to mitigate risk when imposing fees.
Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 3 focuses on specific areas, including highlighting those we worry will be especially troublesome for small business lenders.
CFS Partner Mark Furletti focuses his practice on federal and state consumer and small business lending and payments laws, including those that apply to payment cards, buy-now-pay-later transactions, vehicle-secured loans, lines of credit, unsecured loans, and deposit products. He counsels consumer and small business financial services providers, including banks, on regulatory compliance, and defends them in class-action litigation and government supervisory and enforcement matters. He also advises merchant receivables purchasers, companies that specialize in online small business lending, and companies that interact with their customers electronically or set up recurring billing arrangements with their customers.
CFS Partner Joe Reilly regularly represents lenders, fintech startups, neobanks, and mortgage servicers in enforcement matters, including informal investigations and examinations by the CFPB, OCC, Federal Reserve, FDIC, SEC, numerous state agencies, and mortgage government-sponsored enterprises, such as Fannie Mae. His compliance counseling work covers the entire range of consumer and business lending laws and rules under TILA/Reg. Z, ECOA/Reg. B, UDAAP, EFTA/Reg. E, the Fair Credit Reporting Act, debt-collection laws, GLBA privacy provisions, state licensing regimes, and others.
CFS Associate Christine Emello focuses her practice on consumer financial services matters, with an emphasis on disputes, litigation, investigations, and examinations. She has worked on both federal and state court cases in jurisdictions across the U.S. She also represents banks, fintechs, and financial services companies in regulatory examinations and investigations brought by state and federal regulators, including the CFPB, the DOJ, and state attorneys general.
Please join Troutman Pepper Partner Chris Willis and his colleagues Stefanie Jackman, Caleb Rosenberg, and Chris Capurso for the second installment of our special two-part series about the Consumer Financial Protection Bureau's (CFPB) recent policy statement on abusiveness. In Part 2, the panel discusses specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn't from the CFPB's perspective.
CFS Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. Stefanie represents clients across the financial services industry, including banks and nonbanks, mortgage banking lenders and servicers, debt collectors and buyers, third-party service providers, health care and medical revenue cycle service providers, credit and prepaid card companies, auto lenders, and fintechs. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.
CFS Associate Caleb Rosenberg focuses his practice on helping small business finance companies, banks, fintech companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
CFS Associate Chris Capurso focuses his practice on consumer financial services law, primarily on federal and state law compliance matters. Chris regularly advises financial institutions, lenders, and sales finance companies in the development and maintenance of closed-end and open-end lending, automobile finance, fintech, point-of-sale, solar finance, small dollar, and other credit programs.
Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general.
Our panel also offers practical suggestions for financial services companies who want to develop or adopt machine learning models into their business processes.
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 2 takes a deeper dive into the rule's data collection requirements, including what needs to be collected, when and how, and significant new provisions, dealing with discouraging people from responding to Section 1071 information requests, particularly concerning demographic information.
Stay tuned for Part 3, which focuses on specific areas for consideration, including those especially troublesome for small business lenders.
CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance. She has extensive experience in helping clients navigate fair lending examinations and supervisory issues, and she has successfully represented clients in high-stakes fair lending regulatory investigations and enforcement actions. Before joining the firm, Lori held significant legal positions in federal government, in-house, and private practice settings (including two other nationally known law firms), which she leverages to effectively represent her clients' interests.
CFS Associate Caleb Rosenberg focuses his practice on helping small business finance companies, banks, fintech companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
Please join Troutman Pepper Partners Chris Willis and Kim Phan for an in-depth discussion about the Securities and Exchange Commission's (SEC's) recent record retention enforcement actions. Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of these types of enforcement actions.
Privacy + Cyber Partner Kim Phan focuses her practice on providing guidance to clients on regulatory compliance matters, including supervisory and enforcement interactions with the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and other federal regulatory agencies, including the SEC. She has successfully represented multiple national companies through the FTC investigatory process, resulting in "no-action" letters. She has counseled a national consumer reporting agency through its CFPB compliance obligations, including conducting risk assessments of consumer products and services, updating policies and procedures, and establishing an audit process to assess compliance with federal consumer financial laws. Kim also has advised clients through state attorneys general and departments of consumer protection investigations.
Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau's (CFPB) recent policy statement on abusiveness. In Part 1 the panel discusses the background of the policy statement, the definition of abusiveness, when it exists and when it doesn't, and practical considerations for compliance.
Stay tuned for Part 2 of this special series on the abusiveness statement for a deeper dive into some specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn't from the CFPB's perspective.
CFS Partner Alan Wingfield focuses his practice on financial services litigation and consumer law compliance counseling. He helps businesses with the myriad federal and state consumer protection laws, as well as laws regulating financial services and other types of consumer-facing companies. Alan regularly represents businesses in class-action and individual consumer litigation in many national venues, particularly with the "alphabet soup" of consumer protection statutes, including Section 5 of the Federal Trade Commission Act; Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank) Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) regulation; and state equivalents of the Unfair and Deceptive Act and Practices Act (UDAP).
CFS Partner James Kim leads the firm's fintech industry group. He advises fintechs, banks, investors, and other clients on federal and state consumer financial laws and regulations, including UDAAP. He helps clients navigate examinations and investigations with the CFPB, Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board, Federal Trade Commission (FTC), and various state agencies. As a former CFPB senior enforcement attorney, James provides the industry knowledge and expertise that fintechs and financial institutions require when launching new products or facing regulatory scrutiny.
CFS Associate Taylor Gess provides regulatory advice on matters related to federal and state consumer protection, consumer finance, and payments laws, including those that apply to payment cards, lines of credit, installment loans, electronic payments, online banking, buy-now-pay-later transactions, retail installment contracts, rental-purchase transactions, and small business loans. Taylor represents a broad spectrum of clients, such as fintech companies, banks, payment card issuers, retail merchants, online lending platforms, and solar and home improvement finance companies. In addition to handling matters on various consumer protection statutes, she also advises on issues related to payment network rules, electronic contracting, telemarketing, UDAAP, and military lending, while also helping clients develop compliance management systems, review marketing materials, and structure new products.
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including:
- What the rule is designed to do;
- The definition of a small business for the purpose of this rule;
- What types of small business lenders are covered;
- Covered and excluded credit transactions as defined by the rule;
- The three types of data required to be collected;
- Anti-discouragement provisions of the rule;
- Data collection and reporting requirements and what the CFPB intends to do with the collected data;
- Safe harbor provisions within the rule; and
- The differences between the proposed rule and the final rule.
Stay tuned for Part 2 of this special series that takes a deeper dive into the rule’s data collection requirements and anti-discouragement provisions.
CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance. She has extensive experience in helping clients navigate fair lending examinations and supervisory issues, and she has successfully represented clients in high-stakes fair lending regulatory investigations and enforcement actions. Prior to joining the firm, Lori held significant legal positions in federal government, in-house, and private practice settings (including two other nationally known law firms), which she leverages to effectively represent her clients’ interests.
CFS Associate Addison Morgan represents several of the nation’s preeminent financial institutions in litigation arising under the Fair Credit Reporting Act, Telephone Consumer Protection Act, Fair Debt Collection Practices Act, Federal Trade Commission Holder Rule, and other consumer protection state analogs. In addition to his litigation practice, Addison also provides regulatory compliance assistance to a wide array of companies across the financial services industry.
CFS Associate Josh McBeain focuses his practice on federal and state consumer and business lending and payments laws, including those applying to credit cards, installment loans, lines of credit, point-of-sale finance, and the development of digital financial service products. Before joining the firm, Josh served as in-house counsel to a major financial institution where he advised on an array of regulatory, legal, and compliance issues. He also worked at the Federal Reserve Bank of Minneapolis for several years, where he examined banks for compliance with consumer and business laws.
Please join Troutman Pepper Partner Chris Willis and his colleagues Jonathan Floyd and Meagan Mihalko as they discuss recent trends in Article III standing in the federal courts. The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.
Consumer Financial Services Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many "alphabet soup" federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA). Jonathan's experience also covers a variety of state consumer protection laws, and he regularly litigates actions arising under the West Virginia Consumer Credit Protection Act (WVCCPA) and New York General Business Law Section 349.
Consumer Financial Services Associate Meagan Mihalko's national practice includes defending both class-action and individual matters involving federal consumer protection statutes like the FCRA, the FDCPA, and the TCPA. Meagan represents financial services clients, including banks, consumer reporting agencies, background screening companies, debt buyers, and debt collectors, in individual and class-action litigation throughout the U.S. Meagan has successfully obtained summary judgment for clients in both class actions and individual cases, and she has litigated cases in federal courts across the U.S.
Please join Troutman Pepper Partner Chris Willis and his fellow Partner Julie Hoffmeister as they discuss the Consumer Financial Protection Bureau's (CFPB) recent request for information about data brokers and the potential interplay with the Fair Credit Reporting Act (FCRA). During this episode, they expand on the CFPB's potential FCRA rulemaking regarding data brokers, the CFPB's intent to monitor data brokers and its desire to have greater oversight on the data broker industry, and the steps that the CFPB may take in response to the request for information.
As part of the firm's Privacy + Cyber Practice Group, Julie focuses her practice on defending consumer-facing companies of all types in individual and class actions, including claims under the FCRA and other federal and state law-related privacy claims.
Please join Troutman Pepper Partner Chris Willis and his colleague Vin Thomas as they discuss what it's like to be a general counsel of a financial services company, based on Vin's long experience as a financial services general counsel. During this episode, they examine various types of challenging work a general counsel faces, including managing regulatory and compliance matters; the nuances of working for public and private companies handling deals, such as mergers and acquisitions; initial public offerings; and navigating a myriad of litigation matters.
As part of the firm's Consumer Financial Services Practice Group, Vin Thomas provides corporate and regulatory advice to clients, bringing substantial experience in public and private company representation. Vin focuses his practice on regulatory risks posed by state and federal laws aimed at protecting consumers with credit, deposit, and payments products. Having served as general counsel for multiple companies in the financial sector for 15+ years, Vin is acutely aware of the unique legal, regulatory, and compliance demands facing in-house legal departments across the industry.
Please join Troutman Pepper Partner Chris Willis and his colleagues Caleb Rosenberg and Josh McBeain as they discuss a string of recent developments in small business financing at both the state and federal level, including the CFPB's small business data collection rule and the regulations under state disclosure laws.
Caleb Rosenberg focuses his practice on helping small business finance companies, banks, fintech companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
Josh McBeain focuses on federal and state consumer and business lending and payments laws, while also counseling clients on state and federal laws applicable to the development of digital financial service products. To help advance his clients goals, Josh leverages his previous experience as in-house counsel to a major financial institution and while working at the Federal Reserve Bank of Minneapolis.
Please join Troutman Pepper Partner Chris Willis for a solo episode as he discusses new trends in CFPB information gathering, specifically Dodd-Frank Act Section 1022 found in the rulemaking and market monitoring section of the CFPB’s authority. Here, Chris examines how the CFPB can request and require certain information from market participants, noting the significant increase in recent CFPB Section 1022 requests, while also discussing industry implications of this emerging trend.
Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of The Crypto Exchange, Carlin McCrory welcomes colleagues Mark Furletti and Jill Dolan to discuss legal and regulatory developments related to autorenewals — the recurring payments for these subscriptions. Our panel examines state and federal laws pertaining to negative option offers, including Section 5 of the FTC Act; recent actions by state attorneys general on autorenewal and cancellation policies; and how companies can ensure compliance with relevant requirements.
Please join Troutman Pepper Partner Chris Willis and his colleague Consumer Financial Services Partner Lori Sommerfield as they discuss the implications of the recent Illinois federal court decision, dismissing the CFPB's first-ever redlining case against Townstone Financial, Inc., which alleged that Townstone engaged in redlining practices by discouraging applications under the Equal Credit Opportunity Act (ECOA) through its marketing approach. The court found that ECOA does not extend to prospective applicants.
A seasoned consumer financial services attorney, Lori Sommerfield brings more than two decades of experience in federal government, in-house, and private practice settings. She leverages her deep expertise in fair lending and responsible banking regulatory compliance when routinely counseling clients in consumer financial services supervisory issues, examinations, investigations, and enforcement actions. Lori also comes highly experienced in advising clients on compliance with Title III of the ADA on accessibility of physical spaces and digital platforms.
Please join Troutman Pepper Partner Chris Willis for a solo episode as he shares his thoughts about the recent lawsuit between the CFPB and the New York State Office of the Attorney General against a subprime auto finance company. He covers some of the unusual claims made in the case, flaws he sees in the asserted legal theories, and potential implications for the rest of the auto finance industry.
Please join Consumer Financial Services Partner Chris Willis in this inaugural crossover episode with Partner Dave Gettings of FCRA Focus in welcoming their guests and fellow Partners Cindy Hanson and David Anthony. Dave, Chris, Cindy, and David unite to discuss the 2022 year in review of the Fair Credit Reporting Act and a look ahead for the next year.
Cindy Hanson focuses her practice on class-action defense and has practiced FCRA litigation for over 25 years. She has handled more than a thousand matters under the FCRA and also brings significant experience representing companies defending class actions under consumer protection statues and state common law.
David Anthony represents companies in highly regulated industries, including consumer financial services companies. He brings significant experience in class actions and complex individual lawsuits. He has vast litigation experience defending cases under the FCRA, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, and numerous other federal and state consumer protection statutes.
Please join Troutman Pepper Partner Chris Willis and his colleagues Associates Caleb Rosenberg and Josh McBeain as they discuss commercial financing regulatory developments, specifically what is happening in both legislatures and regulatory agencies to extend consumer-like protections to business borrowers.
Caleb Rosenberg focuses his practice on helping banks, fintech companies, finance companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
Prior to joining the firm, Josh McBeain served as in-house counsel to a major financial institution and worked at the Federal Reserve Bank of Minneapolis and draws on that experience in his practice. He focuses on federal and state consumer and business lending and payments laws, and counsels clients on state and federal laws applicable to the development of digital financial service products.
Please join Troutman Pepper Partner Chris Willis on this solo episode as he reviews the settlement between the U.S. Department of Justice (DOJ) and Meta Platforms, Inc. related to online targeted advertising.
Chris digs into DOJ's complaint, alleging that Meta allowed its advertisers to use user's characteristics, such as race, color, religion, sex, and more, to determine which Facebook users would be eligible to receive certain housing ads. He also discusses the June 27, 2022 preliminary settlement that resolved allegations against Facebook, as well as the most recent January 9 settlement and its implications for financial services companies advertising on social media and web platforms.
Please join Consumer Financial Services Partner Chris Willis and his colleague Consumer Financial Services Partner David Anthony as they discuss the firm's seventh annual edition of the Consumer Financial Services Year in Review and a Look Ahead, which offers a 2022 review of regulatory and legal developments in the consumer financial services industry.
In his national litigation practice, David represents companies in highly regulated industries, with clients relying on him to resolve their most difficult and complex legal and business challenges both in and out of the courtroom.
Please join Consumer Financial Services Partner Chris Willis and his colleagues Deborah Kovsky and Tom Tilton as they discuss new pending legislation — the Consumer Bankruptcy Reform Act — as well as the general, overall legislative and financial services outlook in the next Congress.
Financial Restructuring + Insolvency Partner Deb Kovsky represents secured and unsecured creditors and other key stakeholders in bankruptcy cases, out-of-court workouts, and distressed M&A transactions. Deb regularly advises consumer finance clients on bankruptcy and insolvency matters. Deb also uses her experience to lecture on bankruptcy topics to national and regional organizations.
Troutman Pepper Strategies Director Tom Tilton leads the firm’s governmental relations and issue management arm in the development of strategy, outreach, and client initiative advocacy before Congress and federal agencies. He has nearly a decade of policy and legislative experience through his work on and off of Capitol Hill, including serving as a congressional staffer.
Please join Consumer Financial Services Partner Chris Willis and his colleagues Privacy + Cyber Associate Sadia Mirza and Privacy + Cyber Partner Kamran Salour as they discuss phishing. Kamran and Sadia break down what phishing is, the major security risk it poses for companies, and how to handle a phishing attack.
Sadia Mirza has extensive experience in data security and privacy matters. When counseling clients on cutting-edge privacy and cybersecurity issues, they especially turn to Sadia for pre-incident response planning and preparedness or at the first signs of a security incident. She has handled several data breaches and investigations in a variety of industries and has experience defending companies under investigation by the Federal Trade Commission, attorneys general offices, and other regulatory authorities.
Kamran Salour focuses his practice on helping clients through their toughest cybersecurity and privacy issues with his extensive data security experience. Clients look to Kamran for advice on proactive data security practices, pre-incident planning, and complying with data protection laws. He uses his decades of experience as a litigator to provide clients with a unique perspective on data security and protection issues.
Together Kamran and Sadia host our cybersecurity podcast, Unauthorized Access.
Please join Consumer Financial Services Partner Chris Willis and his colleagues Jeremy Rosenblum and Tony Kaye as they discuss the phenomenon of mass arbitrations, which pose increasing risk to the consumer finance industry. The partners use their knowledge to explain what mass arbitration is and describe prophylactic measures companies should take.
Jeremy is a partner in the Consumer Financial Services Practice Group, with nearly four decades of experience representing the financial services industry. He focuses his practice on federal and state lending and consumer practice laws.
Tony is also a partner in the Consumer Financial Services Practice Group. He counsels financial services providers on compliance issues and has significant experience defending clients in individual and class action lawsuits filed by consumers.
Please join Consumer Financial Services Partner Chris Willis and his guest and colleague Tony Kaye as they discuss the recently enacted California Senate Bill 1311 or Military and Veteran Consumer Protection Act of 2022. Effective January 1, 2023, the new bill — drawn up by the California attorney general’s office — intends to enhance consumer protections for military service members, directly affecting the Military Lending Act’s exception for loans to purchase motor vehicles and other personal property.
Consumer Financial Services Partner Tony Kaye brings a broad knowledge in military lending laws. He regularly advises financial services providers on compliance issues, while also guiding financial institutions to successfully navigate CFPB investigations and a variety of other government investigations, examinations, and enforcement actions.
Please join Consumer Financial Services Partner Chris Willis and his colleagues Stefanie Jackman and Chris Carlson as they discuss the recent action by the Massachusetts attorney general (AG) involving automobile dealer pricing discrimination. After a Massachusetts-based automobile dealer allegedly engaged in discriminatory pricing toward Black and Hispanic automobile customers via additional charges for "add-on" products, the AG's office acted. Listen as Chris, Stefanie, and Chris dive deeper into the case and what it could mean for automobile dealers in the future.
Consumer Financial Services Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, with a significant portion in providing compliance-related advice. She represents a broad range of clients across the financial services industry, including auto lenders.
As a member of the firm's RISE group, Associate Chris Carlson draws on his government background to counsel clients, bringing considerable experience in state AG investigations. His representation spans a wide variety of state and federal regulatory matters, regularly advising clients interacting with and being investigated by state AGs.
Please join Troutman Pepper Partner Chris Willis and his guest and colleague Brooke Conkle as they discuss the Federal Trade Commission’s (FTC) recent consent order with Passport Auto Group. The FTC alleged Passport violated the law in three areas: Passport had a practice of marking up fees from the advertised price; Passport had a discretionary markup practice that caused Black and Latino customers to pay higher fees; and it charged Black and Latino customers additional fees for markups for extra services. The consent order requires Passport to pay $3.38 million, with the FTC redistributing the money to affected customers. Chris and Brooke further discuss the FTC’s proposed rule relating to disclosure of fees and how this affects auto dealerships.
Associate Brooke Conkle focuses her practice on complex litigation and federal consumer protection statutes, including the Fair Credit Reporting Act (FCRA) and Regulation V, the Equal Credit Opportunity Act (ECOA) and Regulation B, the Telephone Consumer Protection Act (TCPA), and UDAP laws.
Please join Consumer Financial Services Partner Chris Willis and his colleague and fellow Partner Jordi de Llano as they discuss recent developments in anti-money laundering. In this episode, the attorneys examine FinCen's September 2022 final rule, which implements guidance on new beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA), as well as take a deeper dive into recent developments and what it means for different entities.
Jordi de Llano formerly served as assistant U.S. attorney and deputy chief of the Securities, Financial, and Cyber Fraud Unit in the U.S. attorney's office in Boston. He also previously ran the Financial Crimes/Suspicious Activity Report (SAR) Review Task Force at the U.S. attorney's office in Lexington, KY. In that role, Jordi oversaw all investigations involving SARs, Bank Secrecy Act (BSA) violations, and money laundering. He also served as the primary liaison for the U.S. attorney's office with local financial institutions regarding BSA compliance issues. With nearly a decade of experience as a seasoned federal prosecutor managing complex financial investigations, Jordi now focuses on representing corporate and individual clients facing criminal cases and government investigations.
Please join Consumer Financial Services Partner Chris Willis and his colleague Partner Misha Tseytlin to discuss the Fifth Circuit's decision in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, what may happen next and when, and the ruling's practical impact on the consumer finance industry. As noted in our October 20 blog about the CFSA case, a Fifth Circuit panel found the funding mechanism for the CFPB to be unconstitutional.
Misha leads the firm's national Appellate + Supreme Court Practice Group. He is an appellate attorney who handles his clients' most important cases and achieves optimal outcomes by drawing on an accomplished track record before the U.S. Supreme Court, federal courts of appeal, and state courts.
Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry. Topics include:
- Wire fraud scams, such as Business Email Compromise (BEC) fraud, and the potential liability of banks;
- How banks should analyze wire fraud claims in the pre-litigation stage;
- How courts are ruling on the issues;
- Responsibilities of nonbank parties to the wire; and
- Tips for bank in-house counsel in handling wire fraud transfer situations.
Mary Zinsner focuses her practice on litigation and strategy in lender liability, check and bank operation, class action, consumer finance, fiduciary matters, and creditor's rights disputes. While Mary litigates extensively in the federal and state trial and appellate courts in Virginia, Maryland, and the District of Columbia, as well as in the U.S. Court of Appeals for the Fourth Circuit, she represents banking clients in cases of all sizes nationwide.
Susan Flint has more than 25 years of experience leading teams responsible for litigation and regulatory enforcement matters. Susan specializes in issues arising in the financial services industry and has experience representing and providing general and specific legal advice and support for high-risk litigation and regulatory issues, bringing favorable results to the client. She has extensive experience defending banking clients in multiple areas, including retail and small business banking, complex commercial litigation, third-party vendor issues, and third-party legal process issues.
Please join Consumer Financial Services Partner Chris Willis and his colleagues Ron Raether and Kim Phan, partners in our Privacy + Cyber Practice Group, as they discuss recent privacy and data security updates in the consumer financial services industry. Topics include:
- The CFPB's and FTC's regulatory stance on privacy and data security issues;
- The current landscape of privacy legislation; and
- Emerging trends in privacy and data security litigation, including the status of litigation under the California Consumer Privacy Act, and how businesses can protect themselves going forward.
Ron Raether has helped companies navigate federal and state privacy laws for over 20 years. He has effectively defended hundreds of privacy and data security putative class actions. Ron's experience is unique in the number of privacy cases litigated through class and substantive issue motions, including defending those successes in the appellate courts.
Kim Phan counsels financial institutions in complying with federal and state privacy and data security statutes and regulations. She also guides clients on regulatory compliance matters, including supervisory and enforcement interactions with the CFPB, the FTC, and state attorneys general and departments of consumer protection.
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Glen Trudel as they discuss credit card rewards and loyalty programs and the co-brand relationship. Topics include:
- The importance of the co-brand credit card pairing;
- Issues, concerns, or risks that both the merchant and the card issuer encounter in co-brand rewards programs; and
- Current trends in the marketplace for credit card rewards programs.
Glen Trudel is a consumer financial services, banking, and business attorney who counsels financial institutions, marketplace lenders, fintech entities, and other companies on both regulatory and transactional matters. He has significant experience documenting and creating marketplace lender platforms and structures, as well as with the acquisition and divestiture of consumer and business credit card and other loan portfolios. Glen has extensive experience representing card issuers and partners in the negotiation, structuring, creation, and administration of joint marketing, co-brand, affinity, miles/reward program, and enhancement agreements, as well as account portfolio acquisitions and divestitures.
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Brooke Conkle as they discuss the Federal Trade Commission's (FTC) recent Notice of Proposed Rulemaking governing voluntary products in automobile finance transactions. During the podcast, they examine the requirements imposed on both advertising practices and the sales process and what it means for the automotive industry.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws, including Section 5 of the FTC Act and state equivalents of the Unfair and Deceptive Act and Practices Act (UDAP). He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
Associate Brooke Conkle focuses her practice on complex litigation and federal consumer protection statutes, including the Fair Credit Reporting Act (FCRA) and Regulation V, the Equal Credit Opportunity Act (ECOA) and Regulation B, the Telephone Consumer Protection Act (TCPA), and UDAP laws.
Please join Consumer Financial Services Partner Stefanie Jackman and her guests and colleagues James Trefil and Jonathan Floyd in the fourth and final episode of a special four-part series on recent developments at the Consumer Financial Protection Bureau. In this episode, topics include debt collection and convenience fees, trends in Regulation F litigation, and predictions in the collections world for the next year.
Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.
Counsel James Trefil primarily focuses his practice on financial services litigation, including representing clients in federal and state court at both at the trial and appellate level, particularly in areas of complex litigation, financial services litigation, and consumer litigation. James has represented clients within these areas in a wide variety of litigation matters involving class actions, contracts, torts, and federal and state consumer protection laws.
Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Jonathan’s practice includes assisting businesses in navigating and litigating the myriad consumer and financial services laws, with a particular emphasis on the many “alphabet soup” federal consumer protection statutes, such as the FDCPA, TCPA, and FCRA.
Please join Consumer Financial Services Partner Ethan Ostroff and his guests and colleagues Alan Wingfield, Chris Capurso, and Derek Schwahn in the third episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include:
- The CFPB's recent focus on the furnishers' obligation to respond to consumer disputes;
- Steps furnishers can take to ensure they properly investigate and respond to consumer disputes;
- Recent developments on reporting medical debt; and
- The CFPB's views on what should and should not be contained on a consumer's credit report.
Partner Ethan Ostroff's practice includes advising companies on compliance issues and interactions with regulators concerning the Fair Credit Reporting Act, as well as defending furnishers, users, and specialty consumer reporting agencies in individual and class-action lawsuits under the FCRA.
Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws, including the FCRA and state-law analogs. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
Associate Chris Capurso focuses his practice on federal and state consumer financial services law compliance matters, including FCRA and state-law analog compliance. He regularly advises financial institutions, lenders, and sales finance companies in the development and maintenance of closed-end and open-end lending, automobile finance, fintech, point-of-sale, small dollar, and other credit programs.
Associate Derek Schwahn represents furnishers and consumer reporting agencies in FCRA cases in both state and federal courts. He also serves as part of the firm's national practice, defending consumer-facing companies of all types in individual claims and class-action suits.
Please join Consumer Financial Services Partner Kim Phan and her guests and colleagues Alan Wingfield and David Anthony in the second episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include the CFPB's position on preemption issues, Fair Credit Reporting Act (FCRA) state law infringement, and the CFPB's general position on state interactions and enforcement.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws, including the FCRA and state-law analogs. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
David Anthony has a national litigation practice, representing companies in highly regulated industries, including consumer financial services companies. He brings significant experience in class actions and complex individual lawsuits. He has vast litigation experience defending cases under the FCRA, the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, and numerous other federal and state consumer protection statutes, with particular expertise in matters involving companion government investigations.
As a partner in the firm's Privacy + Cyber Practice Group, Kim Phan counsels financial institutions in complying with federal and state privacy and data security statutes and regulations, including the FCRA. She also provides guidance to clients on regulatory compliance matters, including navigating supervisory and enforcement interactions with the CFPB, the Federal Trade Commission, and state attorneys general and departments of consumer protection.
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Ashley Taylor and Stefanie Jackman in the first episode of a special four-part series about recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics discussed include:
- Historical background about the cooperation between the CFPB and state attorneys general;
- Efforts by the CFPB under its new leadership in the current administration directed toward cooperation with state attorneys general;
- Differences between CFPB and state attorneys general enforcement investigations;
- Areas where states may take up the CFPB's invitation to investigate issues under federal law that they might not have done before; and
- How we think the state attorneys general will find those cases to investigate.
Regulatory Investigations, Strategy + Enforcement (RISE) Partner Ashley Taylor focuses his practice primarily on federal and state government regulatory and enforcement matters involving state attorneys general, the CFPB, and the Federal Trade Commission. Drawing upon his experience as a deputy attorney general, Ashley has developed an extensive consumer practice with regard to the consumer financial services industry, including advising debt buyers, debt collectors, payment processors, credit reporting agencies, and auto finance companies on regulatory and compliance issues. His deep involvement with attorneys general organizations, including the National Association of Attorneys General (NAAG), allows him to stay on the forefront of emerging issues that affect businesses across the U.S. on a daily basis.
Consumer Financial Services Partner Stefanie Jackman focuses a significant portion of her practice on providing compliance-related advice to her clients. She regularly counsels clients on conducting compliance assessments relating to their debt collection, credit reporting and dispute resolution processes, fair lending and underwriting, and vendor oversight, as well as the functionality of their overall compliance management system.
Please join Consumer Financial Services Partner Chris Willis and fellow Partners Lori Sommerfield and Kim Phan, along with special guest Matt Ater from Vispero, as they discuss recent developments in website accessibility governing public accommodations under Title III of the Americans with Disabilities Act (ADA). Topics include:
- Current litigation trends, including the recent increase in ADA website accessibility lawsuits filed in federal and state courts;
- Insights into the DOJ’s recent website accessibility guidance and enforcement efforts;
- Recommendations for companies to achieve website accessibility compliance under the ADA;
- Technological solutions for website accessibility; and
- Elements of an effective ADA risk management program.
A seasoned consumer financial services attorney, Lori Sommerfield brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible banking regulatory compliance, and she routinely counsels clients in consumer financial services supervisory issues, examinations, investigations, and enforcement actions. Lori is also highly experienced in advising clients on compliance with Title III of the ADA on accessibility of physical spaces and digital platforms.
As a partner in the firm's Privacy + Cyber Practice Group, Kim Phan assists financial institutions with e-commerce, social media, and mobile app development and compliance, including adapting an augmented reality mobile game for a retail client, conducting online behavioral advertising assessments of websites to update and enhance website privacy policies, adapting website functions for accessibility in compliance with the ADA, and establishing employee training on social media interactions with consumers.
Matt Ater serves as the vice president of enterprise sales at Vispero, focusing on creating more opportunities to holistically support customers and users alike. He brings over 25 years of experience in accessibility support services.
Please join Consumer Financial Services Partner Chris Willis and his guests, fellow Partner Alan Wingfield and special guest Tom Kline, as they discuss effective consumer complaint management. They'll touch on the CFPB's position on complaint management, the elements, and benefits of an effective complaint management system, as well as the potential consequences of not having a complaint management system in place. They conclude the podcast by providing practical tips for handling consumer complaints.
Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies. Alan has represented banks of all sizes, bank and nonbank mortgage servicers, auto finance companies, consumer finance companies, credit card issuers, specialized lenders, franchise and independent automobile dealers, and national retailers in many individual and class-action litigations under federal and state consumer protection laws, and he has counseled these types of entities in numerous state and federal compliance issues.
Tom Kline is the founder and lead consultant of Better Vantage Point, specializing in risk mitigation by preventing and solving automobile dealership problems through risk transfer remedies, compliance, and dealership dispute resolution. He is a former franchise dealership owner with over 30 years of experience in the industry.
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues James Stevens and Carlin McCrory as they discuss the consumer protection and safety and soundness sides of credit union regulation. The discussion includes topics on the National Credit Union Administration's 2022 consumer protection priorities, loan participations, the 2023 CECL implementation, and the regulatory impact of a recession on consumer loan portfolios held by credit unions.
Troutman Pepper Corporate Partner and Financial Services Group co-leader James Stevens advises clients on corporate and regulatory matters. He has substantial experience in representing public and private companies, including banks, neobanks, marketplace lenders, payments companies, crypto and DeFi companies, and other fintech and financial services providers in connection with formation, licensing, sponsorship and program agreements, mergers and acquisitions, debt and equity financing transactions, joint ventures, and regulatory reporting and compliance.
Associate Carlin McCrory is a regulatory, compliance, and payments attorney with experience representing financial institutions, fintechs, lenders, debt collectors, payment processors, neobanks, virtual currency companies, and mortgage servicers. Carlin regularly provides tailored compliance advice across a variety of topics, while also developing best practices strategies to help her clients advance their business goals. She routinely assists clients with vendor contracts from initial review of the agreement through termination, as well as drafting and reviewing clients' internal compliance policies and procedures.
Please join Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Tony Kaye for this latest podcast episode as they discuss the Military Lending Act and the Servicemembers Civil Relief Act, including the differences between the two, their state analogues, and several key issues in the consumer finance industry surrounding servicemembers.
Consumer Financial Services Partner Tony Kaye counsels financial services providers on compliance issues, including military lending laws; defends clients facing government investigations, examinations, and enforcement actions; and defends individual and class-action lawsuits brought by consumers.
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Dave Gettings and Mary Kate Kamka as they discuss recent trends in class-action consumer finance litigation, including:
- The long-term impact of Spokeo and Ramirez;
- Key considerations in discovery;
- When it's appropriate to move to strike class allegations; and
- How to structure a class settlement.
Consumer Financial Services Partner Dave Gettings defends clients in consumer class actions and complex commercial litigation nationwide, particularly cases involving a variety of federal and state laws and regulations. Associate Mary Kate Kamka's nationwide litigation practice includes extensive class-action experience and a deep understanding of consumer financial and privacy law.
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. They cover which types of third-party debt collection processes could be subject to a fair lending review, the difference between disparate treatment and disparate impact, how the CFPB may review collection-related decisions, what a basic fair lending analysis may look like for collectors, the processes likely to be targeted for a fair lending review, and what collectors can do now to update their compliance management system and assess their operations to identify and mitigate potential fair lending issues.
Consumer Financial Services Partner Stefanie Jackman focuses a significant portion of her practice on providing compliance-related advice to her clients. She regularly counsels clients on conducting compliance assessments relating to their debt collection, credit reporting and dispute resolution processes, fair lending and underwriting, and vendor oversight, as well as the functionality of their overall compliance management system.
Sarah is counsel in the firm’s Consumer Financial Services Practice Group where she represents clients in financial services and mortgage banking in cases involving all aspects of consumer financial services and products, including claims arising under state and federal lending statutes and consumer protection laws, such as the Fair Credit Reporting Act (FCRA), the Fair Debt Collections Practices Act (FDCPA), the Real Estate Settlement Procedures Act (RESPA), and the Truth in Lending Act (TILA).
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Noah DiPasquale as they discuss the recent advisory opinion from the Consumer Financial Protection Bureau on name-only matching under the Fair Credit Reporting Act (FCRA). Highlights include how the opinion was adopted, challenges furnishers and users will face in light of this opinion, and the potential impact for the credit reporting industry moving forward.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
Associate Noah DiPasquale represents clients in consumer law, business disputes, and commercial litigation. His practice focuses particularly on national class-action litigation arising under consumer protection statutes, including the FCRA.
Please join Troutman Pepper Partner Chris Willis and his guests and fellow Partners Keith Barnett and Ethan Ostroff as they discuss the recent request for comment from California’s Department of Financial Protection and Innovation on cryptocurrency-related financial products and services under the California Consumer Financial Protection Law. Keith and Ethan share their ideas about what this request for comment says about the direction California may take in the world of cryptocurrency.
Collectively, Keith and Ethan bring almost 40 years of experience, representing companies in the financial services industry. They counsel payment processors, money transmitters, payments apps, and similar companies on compliance with federal and state money services business laws. They also advise cryptocurrency exchanges and NFT platforms on state and federal money transmission law compliance and regulatory issues and represent these companies in lawsuits and government enforcement actions.
Please join Troutman Pepper Partners Kim Phan and James Kim as they discuss the firm's expanded capabilities in the fintech world, recent compliance issues for fintech companies, the CFPB's dormant authority to supervise certain nonbank entities and its potential impact on fintech companies, as well as the CFPB's trend to name individuals in enforcement actions.
Kim Phan, a partner in the firm's Privacy + Cybersecurity Practice Group, counsels fintech companies in federal and state privacy and data security statutes and regulations throughout product development, marketing, and implementation. Kim ranks high in Chambers and The Legal 500 for her privacy and data security work with fintech companies. As a partner in the Consumer Financial Services Practice Group, James Kim leverages his experience as a former CFPB senior enforcement attorney to provide the industry knowledge and expertise that fintechs and financial institutions require when launching new products or facing regulatory scrutiny. Chambersranks James highly for his work in fintech and consumer finance enforcement and investigations.
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Stefanie Jackman as they discuss recent trends in Telephone Consumer Protection Act (TCPA) litigation, including how the landscape has changed since the Facebook decision, the increase in challenges to text and automated messaging, state law analogs and mini TCPA laws, and best practices for companies going forward.
As a member of the firm’s Consumer Financial Services Practice Group, Stefanie devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.
Please join Troutman Pepper Partner Chris Willis and guests Troutman Pepper Associates Chris Carlson and Susan Nikdel as they discuss the multistate coalition of state attorneys general calling on many of the nation's largest banks to eliminate overdraft fees. The conversation focuses on what was done, which state attorneys general participated, the current controversy surrounding overdraft fees, and several key takeaways for the industry going forward.
As a member of the firm's Regulatory Investigations, Strategy + Enforcement (RISE) Practice Group, Chris Carlson represents clients in regulatory, civil, and criminal investigations and litigation. As a member of the firm's Consumer Financial Services Practice Group, Susan Nikdel represents clients in financial services litigation, as well as clients facing regulatory examinations and investigations brought by the CFPB, state attorneys general, and the California Department of Financial Protection and Innovation.
Join Troutman Pepper Consumer Financial Services Partner Chris Willis and his guests and fellow Partners Keith Barnett and Ethan Ostroff as they dive into the world of cryptocurrency. The discussion spans from basic terminology and current activities in the regulatory and legislative arenas to parting words of wisdom for companies in the industry. Collectively, Keith and Ethan bring almost 40 years of experience, representing companies in the financial services industry. Keith counsels payment processors, money transmitters, payments apps, and similar companies on compliance with federal and state money services business laws. He also advises cryptocurrency exchanges and NFT platforms on state and federal money transmission law compliance and regulatory issues and represents these companies in lawsuits and government enforcement actions. Ethan's practice focuses on financial services litigation and consumer law compliance counseling.
Please join Troutman Pepper Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Jeremy Rosenblum as they discuss the current landscape of bank-fintech partnerships, including how bank-fintech partnerships work, the challenges these partnerships face, and new developments in the area. With more than three decades of experience representing the financial services industry, Jeremy focuses his practice on federal and state lending and consumer practices laws, with emphasis on the interplay between federal and state laws, joint ventures between banks and nonbank financial services providers, the development and documentation of new financial services, bank overdraft practices and disclosures, geographic expansion initiatives, and compliance with federal and state consumer protection laws.
Join Troutman Pepper Consumer Financial Services Partner Chris Willis and fellow Partners Cindy Hanson and Tim St. George as they discuss current trends in Fair Credit Reporting Act litigation. Both Cindy and Tim are recognized nationally on issues related to the Fair Credit Reporting Act. Cindy has handled more than a thousand matters under the Fair Credit Reporting Act, including hundreds of class actions. Tim has extensive experience handling Fair Credit Reporting Act matters, including those related to employment background screening, as well as class-action litigation.
In our inaugural episode, Troutman Pepper Consumer Financial Services Partner Chris Willis welcomes fellow CFS Partner Lori Sommerfield in a discussion on the U.S. Department of Justice’s recent guidance on website accessibility for state and local governments and for public accommodations under Titles II and III of the Americans with Disabilities Act. A seasoned consumer financial services attorney, Lori brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible banking regulatory compliance, and she counsels clients in supervisory issues, examinations, investigations, and enforcement actions. Lori is also highly experienced in advising clients on compliance with the Americans with Disabilities Act regarding accessibility of physical spaces and digital platforms.
The Consumer Finance Podcast provides reliable, insightful, and entertaining industry-specific content central to consumer finance services. Hosted by veteran Troutman Pepper CFS Partner Chris Willis, this podcast features industry experts, insiders, and other Troutman Pepper attorneys delivering easily digestible segments on a variety of topics.